If I used to be able to fly A to B for X points, and I now can fly A to B for X points - no, it's not "less fun". Having other, better options should be a positive.
I guess I chalk this up to the "I got a high value" fascination that I never understand. I'd rather go somewhere I want to go than brag about the "cents per point" I redeemed. My award trip to Paris isn't made any less fun because my calculation is lower.