It depends how you use them - miles vs points

For our miles, we use them for long haul premium class seats, not the domestic seats nor even the international seats if fares were reasonable.

For example, this European trip we used paid tickets - only $456 r/t MIA/LHR CDG/MIA, I wouldn't waste the miles. However, we redeemed 90K UA miles each earlier this year for biz class to New Zealand and Australia next Spring flying Air New Zealand because NZ's biz seat is flatbed seat. The ticket if purchased, flying UA Biz costs $7K+, but flying NZ would be $9K+ - that is only the cost LAX/SYD/LAX, not like the award itin is MIA/LAX/CHC (Christchurch, South Island, NZ), stopover, CHC/SYD destination, SYD/AKL/SFO/MIA flying home. Going, we have a 23 hour layover at LAX and coming we have a 23 hour layover at SFO. International awards allow 1 stopover or 1 open jaw on UA (Both are allowable on AA, but it costs 12K to fly biz on Qantas using AA miles). And up to 23hour 59min layover is allowed between segments. So the award ticket worth more than the basic West Coast to Australia ticket which does not include any NZ/Australia portion.

Generally speaking, we use the hotel points for overseas hotels, or for inns for domestic roadtrips.

Big city hotels - I only use points for cities OUTSIDE U.S. as they are expensive. Domestically I pricelined them, and not to waste the points. Case in point, in most big cities except NYC, I can get a decent room at a Hilton or a Hyatt or a Marriott or a Sheraton, between $50 to $80 on Priceline. For our NW roadtrip in August I got Hilton Portland downtown for a total of $56. However, the rest of the nights I turned to use points for Holiday Inn Express in places where even Pricelined would cost $70+ judged from posts on Biddingfortravel.com.

For Portland, I wont waste my HHonor points which for the same pts level would get our room in Glasgow Scotland, if booked revenue, costs 130GBP before tax. Prior to our departure I saw some people got a Marriott (one street down from Hilton) w/$87 bid on Priceline but I did not win the bid up to $95. So I kept our reward booking. One really needs to look at the actual costs of the hotels and determine which makes more sense, pay or use points. On the other hand, I am glad I have not won the Thistle Marble Arch in London from Priceline - it is such a run-down hotel in reality. I am very happy we claimed our rewards and stayed at Marriott Grosvernor House as well as Holiday Mayfair. The former is several levels higher on Park Lane than the latter but the latter has a much more convenient location that is a few steps from Piccadilly street, Green Park tube station is a 2 minute walk.

Actually Priority Club points are quite useful for small places in U.S. Most locations have a Holiday Inn Express, which only costs 10K Priority Club points and if paid, would cost $100+ including tax.

I also like the TownePlace by Marriott - it is the lowest Category in MR, only 7,500 pts but it is an apartment like set up w/acceptable continental breakfast - some locations are very good. We used 2 locations in August, and were pleasantly surprised - Hil*****oro, Portland and Kent, Washington (north of Seattle).