So here's how I figured things out, BTW, in terms of the "value".
I *assume* the cost/point is best used as HGVC club reservations. Why? Let's pretend for a moment.
My 7200 point package has MF of around $1040. That puts "value" per point around:
OK, so now we have the "deposit into RCI" option. I believe there's a fee involved. I think it's $84 online. Let's pretend you deposit 7200 points, with the MF of $1040 and the $84, that puts the value per point at: $0.156/point. (although remember it's $230 or something to book with RCI after that, vs. HGVC of $55, I think). So that further "dilutes" the value. Sorta. Sometimes it's "cheaper" to get a 2 BR RCI unit for say, 4800 points whereas some HGVC units are 7200 points.
Paying MF. According to the club rules, 2500 bonus points = $250, which puts a value at: $0.10/point
Club perks such as cruises. It appears that it's a static value now, at least with cruises only. Previous cruise partner, it varied.
7200 points is about $740. That puts the value at: $0.103/point.
Now we have conversion to Hhonors.
7200 points at 25:1 would be: 180,000 hhonors points. Currently average redemption is between $0.004 - $0.006/point.
That puts the "value" around: $720 - $1080 for your bonus points. That puts per point between: $0.10 - $0.15/point
So let's see what we have:
So if I rank in order of $/point we have:
#1: Convert to RCI at around $0.156/point
#2: Potentially Hhonors conversion at the $0.15/point, but it could be lower
#3: HGVC bookings
#4: Club Perk for cruising
#5: Credit toward MF
Again the variance for #2/hhonors is something of a weird animal. I originally redeemed 420,000 hhonors for a 7-night stay (this is with 5th night free) at the Casa Marina in Key West. Booking value would've been about $330/night plus $30/day resort fee. So at that point, "value" would've been (let's see, doing math....) $2520/420000 = $0.006/point. (this was before the devaluation). But after reading the reviews and my Galleon Resort RCI exchange came through, I cancelled it and booked the Embassay Suites on Waikiki instead for 5 nights.
Hope this helps put things into perspective. You could always do a combination of the above. Personally, having to book 15000 bonus points in RCI in 2 years would be tough for me, but I'm picky for where I want to stay and limited by how much money I have (haha) for that darn airfare.
Again, some of my assumptions are based on my MF for 7200 point. That may change things for the HGVC/RCI values.