Correct, redemptions are now tied to $$ value of the ticket (see other threads for exacting discussions of redemption rates and any nuance there).

A couple features that make using points a viable option:
1) Flights booked with points are completely refundable and changeable with no fee. When you pay in points and cancel/change/re-fare, the points immediately post back to your account. If you book in the "Wanna Get Away" fare class with $$ (the cheapest option), the cash value would be returned to you as a ticketless travel fund (TTF) that expires 12 months from the date of purchase. Using RR points gives you an extra layer of flexibility beyond Southwest's already generous change policy.
2) If you earn enough points (110,000) in 1 calendar year, you are then able to get a Companion Pass for the remainder of that year + the following calendar year. This can effectively double the value of your points, since you get 2-for-1 flights.
3) Not having to hunt through reward charts & maps, or book through portals or alliance airlines. Redeeming points is just as simple as booking, and you never have to worry if you could've "spent them better." Also given that Southwest is a single class carrier, there aren't any options for premium cabin redemptions.

With that, it really does become a strategy discussion. To me, getting free points in the RR account for work travel is equivalent to saving $$ in my bank account!