I have to agree with this. At some point resale becomes less attractive than direct. For me, if I could get direct at $10/pt more than resale I'd definitely buy direct. I think at $20, it would be very hard for me to justify direct, but if presented with that option I'm not sure how I'd go. Maybe some day I'd like to go on the member cruise; I don't know. Maybe there will be some reason I want to use points for a stay at Tokyo Disneyland because the cash prices go way up for some reason but the point prices are fixed for the year. Again, I don't know whether that will ever happen, but it could, and having options is worth money. The differences are mostly intangible convenience features, so how people value them is going to vary widely. There are definitely people who know all about resale who nonetheless buy direct, because they can afford it and they want all the options. They want to be sure that whatever happens as far as resale/direct differentiation, they'll be on the better side. I think if they make that decision with both eyes open it's silly to say they're wrong. They just made a different value assessment.