There is no free point (lunch) so once you accept that you can start playing the game. Sometimes, CC company provides no fee first year (I got one with WestPac Black bundle late last year), some offered reduced first year fee (St George’s Signature), Amex normally compensates with travel credit same as annual fee … I value points at 1c/point so 100K points are $1000 in my book and I work from there.
You need to define your objectives, don’t just get points because you can. I know people collect points and not using them (my mother-in-law). I fly often, both for leisure and family obligations, for works as well but that is just a bonus.
I collect Qantas points (Amex and other churned cards) because they are quite easy to get. I collect Virgin points (Coles cc) as they gave me Gold status just to win my custom. I start to collect KrisFlyer points (St George) because Singapore airlines suit my oversea holiday better. I should concentrate on one program but sometimes it is quite hard. Everyone is different so you should work on your ultimate aim and situation.