ratfam - I know exactly what you're talking about and am surprised this thread has not gone that way. Glad, but surprised. Here's how I look at it: My points (purchase price plus MFs) are about $5.50 in my eyes. Simple, not looking at interest and cost of money etc. When I looked at the Alaska cruise and the
DCL cruise, I would save ~ $2,000 over paying cash. Others get a higher value for their points by looking at it in a mroe complex fashion.
Then, there are the people who rent. They figure they can get $10 per point by renting. If the cruise is 360 points for them (WAG) or $3,000 cash (WAG), then they'd rent and have $600 to spare.
I dont' want the hassle. I bought my points to use them. I like having one point of contact, MS. I still feel like I'm saving money over paying cash.
Finally, some people just assign their points to be worth $10 because that's what they rent for. So, if teh cash cost is less than 10 times the number of points, they do not feel that it is a good use of points.
All ways makes sense. You just have to figure out what they are worth to you.
Sorry, I think I hijacked a bit again.
WOuld love to hear others' opinions on what's worth it to them.