MyPoints has its uses, but they're pretty specific.

I click on MyPoints emails, I make eBay bids through MyPoints (2 pts/$); Hotwire bids are 750 points/bid, so if I am bidding on something with a price of less than $200-$250 I'll take MyPoints over a 2% rebate at FatWallet.

Between all of that I got a $100 Marriott Cheque (and it came promptly) so I'm not complaining. If I were planning a trip to Northern Europe, I'd redeem for Hilton points and use them at a Scandic hotel.