As mentioned, Europe and Japan are good places to burn. I know someone who got a 200+ Euro hotel in Paris for 8000.

I generally get 1.5 cents each from them at a Sleep Inn, the only hotel in the town where my son goes to college. Typically 8000 points vs. $120. So the 8000-points-for-2-stays promos work pretty well for that.

I did not check it, but I imagine burning for a hotel for an event like Lollapalooza in Chicago would yield a good return.