"but it's not hard to get 3, 4, 5, or even 6 cents per point"
Do, please, give up some ideas- especially on the 6c side.
I just booked a trip BHM-WAS-CHI-PDX-LAX in a bedroom (except the WAS-CHI segment is in a Family Bedroom - it was the only room available) for 30,000 points, and returning from PDX-SEA (in business class) and SEA-CHI-WAS-BHM in a roomette for 20,000 points.
So for 50,000 points, the trip would "cost" $4,499 for 2 pax! I get 9 nights and (if I counted right) 28 meals per person!
That works out to be
8.998 cents per point!
I found a trip valued at 11-cents per point.
30,000 points for a 2-Zone Bedroom quoted fare of $3300 for 2 passengers.
Seattle to New Orleans
11 Coast Starlight
Seattle, WA (SEA) 9:45 am 30-JUN-08
Sacramento, CA (SAC) 6:15 am 01-JUL-08
6 California Zephyr
Sacramento, CA (SAC) 10:09 am 01-JUL-08
Chicago, IL- Union Station (CHI) 3:50 pm 03-JUL-08
50 Cardinal
Chicago, IL - Union Station(CHI) 5:45 pm 03-JUL-08
Charlottesville, VA (CVS) 2:47 pm 04-JUL-08
19 Crescent
Charlottesville, VA (CVS) 8:52 pm 04-JUL-08
New Orleans, LA (NOL) 7:33 pm 05-JUL-08