I think the ALON and GLON awards come out to well more than .01 per point, but YMMV depending on the time of year. Hawaiian Resorts are always expensive, even the priceline rates are high

Major cities in Europe and Japan can also be pricey so you no doubt get good bang for your buck there, too.

And of course the more points you have, the better value you get on long stays.

All that being said, I think I am going to reverse strategy and start cashing in for shorter stays. As other have noted, HH points are not appreciating, but hotel prices have gone through the roof, particularly for some of the high demand weekend areas. I think I would rather use points than pay $250 for a weekend night at an ES or Hampton. And it doesn't make sense to save up for Hawaii (ALON? or GLON?) when Hilton, SPG and Marriott keep sending me 5 night offers that work out to $110 per night.