The points are just about worthless.

Sure, on occasion I can find a good deal (237k for five nights at the sheraton maldives in april was pretty good) but the actual cost would have been 2k cash (the rate was around $400 a night).

I find the points to work well on five night trips only and that the resort needs to be a pretty high end resort. When my point balance hits about 500k I start looking for a fun place to go spend 5 nights. With that formula, the points almost always make sense. If I need to stay in detroit for a night I just find a hotel that works regardless of affiliation. Maybe I am unsual, but spending $150 to stay in a hotel isn't a huge issue for me when I travel on my own.