IMO, I wouldn't even bother with anything other than the travel packages...

Even with those, I'd still buy a coach ticket and upgrade with miles. Travel packages are flexible, since you can use the miles anytime and not necessarily with the hotel cert. The hotel cert can be extended for a year (they normally are good for one year after issuance) at not charge (by latest report).

We get 110K points for our MF's when turning in one of our interval weeks, which can be a good value if it rounds out a travel package, allowing us to stay at a Cat 6 or 7 hotel, say like in Paris or London, where the cash price would be completely unaffordable. There are some locations we can't exchange into and the points system allows the same level of accommodation with more flexibility.

IME, typically, a penny per point is about right, unless one shops around. Travel packages can do .02 to .025 per point, depending on how the miles are ultimately used. I'm sure they're many elite FT'ers who do much better but we're leisure travelers without status.

Good luck!

Pat