I agree that it is all dependent on dates and location as well as what one defines as reasonable. Without knowing your target dates, I randomly searched Las Vegas for Oct 13-15 and the MGM Grand Hotel and Casino shows up for $217 per night, total $583 including all taxes and fees (or ~29k points being that all Edit hotels have points boost applied). To me this is a reasonable rate for a stay where you will be getting The Edit benefits which includes $100 property credit. If you have the $250 Edit credit then your out of pocket is $333 or you can charge $250 to your card to get the credit and apply points to cover this balance at a rate of 2 cpp. As a disclaimer, I have not done any research into this particular property to see if it's one I'd even choose to stay at, was just using it as an example for pricing.

When you say that you would rarely pay more than $200 a night does that apply to FHR/THC hotels where you get the extra benefits or do you just mean that in general that's the max you would pay? Would you not pay a bit more to get the FHR or Edit benefits? Plus if there is a credit from your card benefits, wouldn't it be worth paying a bit more which is then offset by this credit? Lots of ways to look at this and for sure everyone has their personal opinions of what is worth for them or not.

Yes, for sure, you can do even more than 3 nights consecutively as well especially if you have multiple platinum cards with the potential $300 semi annual FHR/THC credit. I was just giving an example of using 1 card with 2 semi annual credits and showing that they don't need to each be used within their half year validity period and that you can just book them within that period but stay in the other half year.