Ultimately, for a good comparison you need to calculate how many points you actually earn per dollar spent (as well as per average night spent), including bonuses and promos, in each program and then ask yourself how much you would need to spend (and how many nights or stays if that is relevant) to pay for an award night in comparable properties where you would want to stay. You also need to figure out the savings you would get from program benefits during these award stays. For example, in my case, I would compare a RC to a Starwood StR or good LC property (although the RC feels more chain-like to me in most cases, so ultimately less interesting) but since RCs have lounges (and I would take a club level room on points or pay extra for it), in my comparison calculations, I'd want to compensate for the resulting higher F&B costs associated with the SPG stay at this aspirational level.