Well since I don't earn as many points Bhrubin, but used to redeem SPG points for properties all the time, I really think that the St. Regis Punta Mita was a particularly great value at 20k points and we did that many times. We also redeemed at St. Regis Bahai Beach several times, the St. Regis Miami, St. Regis New York, the Costa Rica Westin and several category 6 and 7 hotels. We've paid and stayed at other great properties like the St. Regis Bora Bora, Kauai, BKK, Prince de Galles, Peruvian properties, and lots of others.

These were all fun trips, but it seems like everything is a category 7 so it can be expensive.

However, if we were to redeem points again I would do the St. Regis in Aspen or Deer Valley. And maybe some Luxury Collections like Gritti.

Most of the other SPG properties I'd just pay for, like St. Regis Lhasa (think I saw a rate of $80 one time!).

Other places like the Maldives, Caribbean, etc... I'd just pick something less chainish.

And lastly, I lost my SPG platinum status and the suite upgrades were the single most import thing since we can really use the extra space when we travel as a family.

Lastly, the points are especially valuable if you book over a super busy time, like New Years where top properties can start at 2k+ a night.