I was referring to the use of the IHG points as a horrible value for this redemption, not the UR use.

For me, and I know it is a matter of personal preference, the UR has two real usages:
1. Top off for a low number of points needed for an award from multiple places; or
2. Use it if possible for Hyatt redemption. Chase UR can be moved 1:1 to all the hotel redemption points - but the value in Hyatt point is much larger than the others. On the lower end of the spectrum, one can find very good hotels at the 5000 - 7500 points a night (which is at least half of what Marriott or IHG will charge), and on the upper end of the spectrum, a real luxury redemption is in the range of 25,000 - 30,000 points a night (again at least half of what the other will charge). The problem of course is whether there is a Hyatt where you want to go.

The first-class redemption is more of a myth these days with the dynamic pricing the most airlines will do. Using AirFrance miles can still be a relatively good value - but everyone transfer to them so Chase points are not used for them.

It might not be chasing the maximum value, but with the exception of the Hyatt low end above, I usually would not bother using points for such a low dollar price a night.[/utag]