No offense OP, but this is still a bad deal. If you want cash for your AMEX points buy Home Depot gift cards then sell those to a site like plasticjungle.com and you'll get 85% cash value back instead of the 71% you're currently getting with this deal.
I don't mean to shamelessly promote plasticjungle here; I just want people to be aware of better deals.
None taken. Like I said in my original post, it's obvious a lot of people don't like AmEx GCs from MR because of the awful value-to-point ratio, BUT just in case any one wanted to trade their MR points for straight-up cash - the offer is out there- certainly not the best - but it's there.