I agree with the philosophy that point value is based on when and where they are used. I have used points often over the last 3 years, but 2001-2004 I paid for stays since rates were low (relatively). With the current recession I have already already found great rates for next year's ski season, which I haven't seen for 3 years so I booked paid stays.

This summer I am using points in Paris and London, at 3.75¢ and 1.4¢ per point respectively. 1.4¢ per point for London is below my point price value, but it is the 3 day portion of a 7-night Euro Hopper so the value if I had used separate awards makes up for it. For ski season stays I use points at a rate of 2.9¢ per point. A lot depends on your travel pattern. I also save points for years solely with the idea of using them in places like Paris where hotel prices are ridiculous. YMMV.