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I'm comparing to cost of earn 8000 points by staying at two (for example) $59 properties (1 night each), where you can get both two nights and 8000 points for 2x$59. As opposed to paying $60 for 8000 points. So that's like getting two nights for the cost of one while also earning the 8000 points, compared to the cost of 8000 points bought through points + cash.

I guess if you never have much opportunity to "naturally" stay at inexpensive Choice Privileges hotels (in pairs of one-night stays) during the very frequent "stay twice, earn 8000 points" promos, then cash + points might not be so bad as "the next best". But if you can stay for cheap and hotel hop, then earning through staying during these promos (always an even number of one-night stays per promo, to maximize each promo) seems a far better value to me than buying points in any manner.

(I use the term "naturally" stay to distinguish from "mattress runs". Mattress runs would probably not be a better value than cash + points, but "natural" stays where you needed a bed for the night anyway seem a much better value to me, though, again, only if you can hotel hop.)

Btw, while my example above was $59 for clarity in comparing to a $60 purchase rate for the same points, you still get a much better value even with two $70 or $80 or $90 stays than through buying via cash + points.

Which basically may translate to: If you need to stay in the USA suburbs or smaller towns (where cheaper Choice Privileges properties abound), and can hotel hop. it's usually better value to pay for those stays and earn tons of bonus points. Then use those points overseas (especially in burn-but-can't-earn places like Scandinavia or Japan, or during shoulder-season redemption "sales") or in more expensive cities/towns when the redemption rate is good.