I don't use points to book my room unless the redemption rate is at least $0.005/point (or $25 for each 5K points). That said, I try to save them for peak seasons at my favorite places with GLON or AXON awards where I get better than a penny per point ($0.0109). As you have indicated, the average single night award is probably closer to $0.006/point - or less. Take your average rundown Hampton Inn, $109/night or 20K/pts. Worth neither but, that's about a half-penny per point. Factor in the lack of point stretcher availability and...well...