Here's another example of getting great value for MR points. I recently used a 5 day travel package to get 120,000 BA FF miles into my BAEC account this cost me 250,000 MR points. I used the 5 nights at a cat 6 Marriott in Mallorca already. With those FF miles and an addition 30,000 FF miles already in my account and this years BA AMEX 2-4-1 voucher I was able to book 2 first class returns to Miami from London for Oct 2012 costing me 150,000 BA FF miles. When I priced up these two fully flexible first class returns to Miami they came in at £20,220.32.
At today's exchange rate from £ to $ that's about $32,350. Since the exchange rate of MR points to BA FF miles on the package was 2.08 MR points per BA FF mile - I calculate that 150,000 BA FF miles requires 312,500 MR points.
So I assessed my value per MR point for this trip as 10.35 cents per MR point. Since Marriott will sell me MR points at 1.25 cents per point - I continue to see using Travel Packages to convert my MR points to BA FF miles and use together with my annual BA AMEX 2-4-1 voucher to get the maximum value for my MR points.
The 5 night stay at the Marriott in Mallorca would have cost me 120,000 MR points and so I could say that the 5 nights were free or that the points required to get the two First returns was even less - either way this was a fantastic deal and I hope to continue this for 2013 with next year's 2-4-1 voucher.