IMHO, pretty much all reward programs suck as far as redeeming points for actual merchandise. But there's always the option of redeeming for gift certificates, which are exactly the same values as every other reward program I've seen (Citi Thank You Rewards, Chase Ultimate Rewards, even Providian Premium Points). Personally though, I've gotten more bonus points through MR than other programs, so even if it's only 1% redemption, I haven't actually spent anything for most of those points.