I don't have a horse in this race other than trying to help this dude figure out where he wants to be. Observations I'd add:

1) It may just be me and my luck, but I don't bank enough hotel points to be meaningful. Seems like most places I wind up are either off-brand or the points are negotiated away.
2) Airline miles, on the other hand...definitely enough of those to matter, and then some.
3) All other things being equal, yes, obviously I would rather have a decent retirement...I'm pretty sure that's high on the list for the next contract.
3) It is possible to bid in such a way that you are extremely unlikely to work your full 16, let alone get extended to 18 (at the moment, this could change). I'd say I'm averaging maybe 12. I think this is much less possible for CAs right now, but as an FO being lazy is not difficult.