My father in law believes they are a waste and I am sure he is right when you look at it from the big picture. Nonetheless, I still love using them. We have not paid full price for any airfare for the last 5 years and we only travel once or twice a year. You really start to accumulate them if you have a credit card from your favorite airline.
When Delta and Northwest merged, the US Bank Worldperks Visa became a Flexperks card as Delta already used American Express for their program. They gave is 25,000 points just for continuing on with them. The will do almost any airline and 20,000 pays for a $400 ticket - not bad. We just booked two tickets that were $475 and paid $360 total. That is a savings of almost $600!
I'd sign up for the Delta AMEX but we really don't want another credit card. Also, a flight to Cancun is 50,000 points with Delta and it is only 20,000-30,000 with Flexperks. Both cards earn points the same way but Flexperks gives you more for the money.
Are there any great programs out there or do you even bother with the programs?