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In the past it was 10000 pts for maybe a discount of a couple hundred dollars, and you can't use 50,000 pts to save more $$. The savings will be greater as you go up in the stateroom category or if you book more than one cabin. PLUS you have to pay an exchange fee.
So IMHO, unless you're points are going to expire anyway, Points for cruises (or any of the other partner programs) are usually not cost effective.