I too have found MR redemptions to be pretty lacking. i.e. Amazon just offered to pay with MR points, but it's < 1 cent/pt, which is ridiculous. However, the value of the program is in TRANSFERS, where you can net greater than 3-4 cents/pt if you plan it out right. The TYP are stuck at 1.6 cents/pt max because the transfer partners are largely useless for me.

In the end (for me), all my MR points will probably go to BA Avios, for redemption on shorthaul AA. Their redemption schedule for Avios is great, no ticketing fees, no cancellation fees, etc. Whether I spend it this year or next, it'll all get redeemed. I don't need "flexibility", I need value.