You can always get superb value provided you are somewhat flexible with the dates. I remember flying from Mumbai to Kolkata and back during peak Diwali time. One side I got the flight for just 6000 points, revenue ticket for Vistara was more than 15k at that time. While returning I used the business class voucher and that time business class revenue ticket was around 35-40k. This is just one example, but I have flown from Mumbai to Dehradun, Srinagar, Bangalore, Varanasi etc multiple times using either the points or vouchers.
Again this only works if you are willing to be a little flexible with your dates or plan early. And personally if I see that the point value that I can extract is pretty bad, then I use either smartbuy or travel edge for my bookings on other airlines.