I was looking into to this earlier, and the best redemption values seem to be for Macy's, Barnes & Noble, and B Dalton, which all give over 0.9 cents per point (See $50 and $25 redemptions below). The range goes down to about .63 cents per point for some of the others. This list (sorted by $ value, then cents/pt) is not everything, but shows most of the retailers with fixed $ value redemptions.
Code:
Company Points $ value cents/pt
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Service Master 11250 100 0.89
Marriott 11250 100 0.89
Sharper Image 11250 100 0.89
Eddie Bauer 12000 100 0.83
SpaWish 12000 100 0.83
United Airlines 5750 75 1.30
Marriott 8500 75 0.88
Hyatt 9500 75 0.79
Universal Snowboard 8000 70 0.88
United Airlines 3750 50 1.33
macy's 5250 50 0.95
Service Master 5750 50 0.87
Bass Pro shops 5750 50 0.87
Bloomingdales 5750 50 0.87
Marriott 5750 50 0.87
Sharper Image 5750 50 0.87
Spiegal 5750 50 0.87
Stuart Andersons 5750 50 0.87
Universal Amusement 6000 50 0.83
JC Penney 6500 50 0.77
Circuit City 6500 50 0.77
Dick's Sporting Goods 6500 50 0.77
Eddie Bauer 6500 50 0.77
FogDog 6500 50 0.77
Home Depot 6500 50 0.77
Hyatt 6500 50 0.77
Kmart 6500 50 0.77
Orvis 6500 50 0.77
SpaWish 6500 50 0.77
Universal Ski 8000 35 0.44
Omaha Steaks 2250 30 1.33
United Airlines 1250 25 2.00
Giftcertificates.ca 2675 25 0.93
macy's 2750 25 0.91
B Dalton 2750 25 0.91
Barnes & Noble 2750 25 0.91
AMC 3000 25 0.83
Service Master 3000 25 0.83
Applebees 3000 25 0.83
Bath & Body Works 3000 25 0.83
Bass Pro shops 3000 25 0.83
Bloomingdales 3000 25 0.83
Marriott 3000 25 0.83
Media Play 3000 25 0.83
Macaroni Grill 3000 25 0.83
Spiegal 3000 25 0.83
Stuart Andersons 3000 25 0.83
Rainforest Café 3250 25 0.77
REI 3250 25 0.77
WebCert 3500 25 0.71
Circuit City 3500 25 0.71
JC Penney 3500 25 0.71
Dave & Busters 3500 25 0.71
Eddie Bauer 3500 25 0.71
FogDog 3500 25 0.71
Foot Locker 3500 25 0.71
Home Depot 3500 25 0.71
Hyatt 3500 25 0.71
Kmart 3500 25 0.71
Orvis 3500 25 0.71
Oshmans 3500 25 0.71
Sharper Image 3500 25 0.71
SpaWish 3500 25 0.71
Sprotmart 3500 25 0.71
Applebees 2500 20 0.80
R' Us 2650 20 0.75
Blockbuster 2000 15 0.75
B Dalton 1250 10 0.80
Barnes & Noble 1250 10 0.80
Starbucks 1350 10 0.74
Tower Records 1350 10 0.74
Gas card 1400 10 0.71
REI 1400 10 0.71
Applebees 1400 10 0.71
Bath & Body Works 1400 10 0.71
Bass Pro shops 1400 10 0.71
Blockbuster 1400 10 0.71
Chilis 1400 10 0.71
Dick's Sporting Goods 1400 10 0.71
FogDog 1400 10 0.71
Media Play 1400 10 0.71
Olive Garden 1400 10 0.71
On the Border 1400 10 0.71
Macaroni Grill 1400 10 0.71
Sharper Image 1400 10 0.71
Spiegal 1400 10 0.71
Stuart Andersons 1400 10 0.71
Walmart 1400 10 0.71
WebCert 1500 10 0.67
R' Us 1500 10 0.67
Boston Market 1500 10 0.67
Foot Locker 1500 10 0.67
Home Depot 1500 10 0.67
JC Penney 1500 10 0.67
Kmart 1500 10 0.67
SpaWish 1500 10 0.67
Sprots Authority 1500 10 0.67
Target 1500 10 0.67
Applebees 750 5 0.67
B Dalton 750 5 0.67
Barnes & Noble 750 5 0.67
Blockbuster 750 5 0.67
Hollywood Video 750 5 0.67
Media Play 750 5 0.67
Mrs Fields 750 5 0.67
R' Us 800 5 0.63
Burger King 800 5 0.63
Kmart 800 5 0.63
Olive Garden 800 5 0.63
Starbucks 800 5 0.63