For my two nights in London, I booked a category 6 award with Club Carlson for The May Fair Hotel for 50k points per night. As part of the 2014 Club Carlson devaluation, this hotel is now 70k points per night.
As a Club Carlson Visa cardholder (a refrain heard often on this trip), my last night was free, so my stay only cost 50k points for two nights. At the time of my stay, room rates started at around 350 GBP/nt. Since I wouldn’t actually be willing to pay that much, even for a hotel in Central London, I can’t claim to have truly received 2.3 cents per point of “value” from this redemption.