I'm using my 2 free nights at Grand Hyatt Playa Del Carmen during new years eve. The hotel is currently unavailable but the next available date has the room rate of $750/night. The hotel requires 20,000 points for a free night. The 2 free nights are worth $1,500 in this case. I realize the end result is the same but I'd rather have the 2 free nights (anywhere) rather than a 40,000 CC sign up bonus.
During the booking, I found not all days during the holiday were available to book utilizing points. But through a combination of free nights and points I was able to book the hotel for ten consecutive days. My wife also has the card and we used her 2 free nights as well. So $3,000 value.