Agree with 1.5 cpp minimum.

Someone above mentioned devaluation, which, while always a consideration, does not happen to Cat 9 properties, because, well, there's no Cat 10. The best consistent value I find are in those Cat 9 properties that in peak season run $6-7-800 a night sometimes. Five nights at a property like that for 180k points is valuable. The reverse is true as another person said above -- some crazy Cat 1 deals out there if you're in the right place at the right time.

One other thing not mentioned specifically -- if you fly Southwest and transfer 110k+ points to their program, you'll instantly get their companion pass, allowing for buy-one-get-one travel for up to two years (if you time it properly). That's probably more valuable than any hotel redemption if you live near a Southwest hub. I myself am a Delta loyalist, so I don't take advantage of this.