True PG....I wasn't considering dollars spent to conversion value. I was simply looking at raw conversion ratio and what the value of the points/miles provided in their original form are vs. their converted form. If you look at what 67,000 Holiday Inn points can get you from HI in free hotel nights, my bet is that it is worth more than what the conversion to 25,000 airline miles would provide.

You are correct with the examples you give, but things are never that simple. As others mention, credit card and bonus earnings can drastically alter the $ spent to achieve a particular point/mile level.