I'm with the Travel Packages crowd. They are fantastic for us because of our travel patterns.

-We can be happy at any hotel that's clean, has a private bathroom, and is near where we want to be
-We really want to fly Premium when we go overseas for the foreseeable future

So to us the value is actually in the airline miles. The hotel stay is great and puts it over the top; we're doing 7-nights in Hawaii next year that was a 1.16c redemption. But the J class redemption to Asia for "free" is what we find exceptional, and worth pretty much the full "redemption value". That said, we love Hawaii and a great room on the beach that we'd never pay for is worth the entire $4K+ valuation, IMHO.

I understand people who say that "if you'd never pay for it, then it's really only worth what you'd pay for", but I think that's off. If you really want (or value) a thing, and you get it, then it's worth the original value (or very close) whether you'd ever buy it or not. If you've always wanted a Porsche but would only buy a used Honda, and you win a Porsche, that doesn't mean you'd value the Porsche the same as a Honda beater. :)

Like the others, I jumped on this one last time in March of this year, to get CP through the end of 2018. I don't know if we'll ever manage to earn it again - hotel transfers were the only realistic option for us. It makes it hard for me to chase MR points the way I used to...

I don't fret
 

I don't bother trying to assign a cents per point value . I already know where I want to go so I consider schedule , layovers , and aircraft type .
Number of points are a lesser consideration .

Travel packages, but only when a transfer bonus occurs. Otherwise SPG Cash + Points.