Spending points means I don't have to spend cash. That's the point for me. The only way I found to 'maximize' the points value is when I got 50,000 points for meeting the spend on the Southwest Chase Visa. Spring break trip to Phoenix and saving some money on some cheap jumps to Boston and DC.
On the plus side, it takes all the guesswork out. You don't have to wonder if its ok to spend on this trip or that trip, just use it as cash. I am sure some people have found some value redemptions, but I just use mine as fast as I earn them.