I think it really depends on the circumstances - is it from the perspective of a member redeeming the points, from Velocity in issuing them or from a 3rd party paying to have them issued to you.

Personally, for me cash is king, I'd bank that $2 saving in my "Self Managed Frequent Flyer Fund" rather than paying extra for the points.

I once called up and asked about the Lumo Energy offer which gave you 6 cents per $ spent on your energy bill. However, the sales lady kindly pointed out that if I chose a plan which didn't earn Velocity, the energy price was cheaper - effectively you were paying extra to earn the Velocity points, and the value didn't seem that good.