Just my numbers: I checked 1/27-2/1, which was 25k+$240. The same flights would've been $820 cash. That means $580 for 25k points, 1.92 cpp. A summertime itinerary 8/17-8/25 was 50k+$231. The same (alitalia) flights were $1595 cash. That means $1364 for 50k points, 2.73 cpp in Y.