Well, UR transfers 1:1 to Hyatt, where 2 cpp is a relatively conservative, typical-award redemption that most knowledgeable users can attain, even off of a modest Hyatt points base redeeming at a typical midcategory hotel.

Since I *do* value flexibility, it doesn't seem like a stretch (to me) to call UR 2.1 cents.

TPG values Hyatt at 1.8 cents. He's a little more conservative than I am, perhaps because as you go to the Park Hyatts (top end) it's a little harder to get 2 cpp. Still, he's only assigning a "flexibility premium" of 15% or so to UR. I don't think that's too overly aggressive.

(I continue to use Hyatt because I *think* that's the best straight conversion out of UR. I'm not intimately familiar with all of the airline possibilities that exist.)