We have only used the 5-night travel package twice for US stays (NYC - Cat 8, Sacramento - Cat 5). When using it for US hotel stays, it is almost never worth it except for the value of the airline miles. The rest of the time, where we still value the miles more than the stays, they have all been in Europe or Asia and have worked well (Rome - Cat 9, Singapore (x2 - Cat 8), Hong Kong - Cat 9, and Copenhagen - Cat 8 or 9).
Before we did the math on 5-night travel packages, we did many 5-night hotel redemptions, and that was certainly not as worthwhile than using the travel packages.
Don't forget you can also use your MRP at SPG hotels and you can convert 3:1 using their portal/link. We have used alot of SPG stays (Napa Valley, Florence, Sillion Valley area, Rome, Venice, Singapore, etc...) and also direct airline miles conversion.