These figures are estimates, based on assumptions that may not apply to your circumstances. Don't fixate on the quantity of points, calculate the value you would receive. To decide, I think you need to know two things:

1. What would it cost to book with money, including all taxes? Not necessarily the IHG properties, but the place you would use if paying with money.
2. What is your alternative use for the IHG and Chase points?

Also, 1.2 cents is not "almost the same" as 0.8 cents, it's 50% more.