I agree with the posters who claim that 3c+ is overly optimistic (especially since as you rack up more points you usually have to lower your standards or have them rack up unused) but my limit is 2c per pt net (meaning that I include the points I would have gotten from paying cash in the cost, and I include waived taxes/service fees etc in the redemption value). I will not redeem at below 2c, and I am usually in the 2.5c range and occasionally the 3-3.5c range, which makes me happy I never stay at hotels that I wouldn't pay cash for (at least at the 2c rate... meaning that if I'm not willing to pay $600 / night then I will not redeem at 30k pts) so I think that, for me, a 2c valuation is reasonable. I get a little more value than that (2c is more like a floor) but it works well. That also keeps my earn/burn rate more or less balanced (I'm consistently over 100k pts and under 500k)

I don't MS but I will do things like buy gift cards through a shopping portal using my Hyatt card (the GC are liquidated normally; not for cash or cash equivalents so that's not MS). I don't go near my credit limit on any of my Chase cards (I currently have 3 -- CSR and Amazon Prime in addition to Hyatt).

I use my Hyatt card as my main card for "unbonused" spend because I see it as 2% back + qualifying nights.