Always factor in the value of the shares now, and what that would get you invested into another financial instrument. A lot of times, these lengthy options pay about what you'd get on interest. Not sure now since rates are so low.
There are closed-end bond funds paying upwards of 5% interest. It's just the banks that are paying virtually nothing.
The thing about those covered calls and other forms of options is that they are effectively gambling. For that matter, day-trading is gambling. There's always risk in the market but long-term investment tends to be much less risky, for much more modest gains.
I'm not sure you can compare those lengthy options to interest rates because the only risk with bonds is the default risk. The risk with a long-term covered call is that the stock might go way above the strike price. You can hedge in all sorts of ways, but that's just covering one bet with another.
Then there's your time horizon. If you're 25, you might want to sit on the shares through the ups and downs and if the company if as successful as we all think it will be, you'll retire rich. But if you're 72, you're probably spending your savings rather than trying to make them grow, and the long-term potential doesn't do you much good.
Every time the price goes down I regret not having sold some (or more) at the higher price, and every time it goes up I'm reluctant to sell because maybe it will go higher. That's why I'm a really terrible investor. Once I finally sell some more and get down to where I want to be with it, or the current bubble bursts and it comes down out of the nosebleed altitude, I'll go back to ignoring it. Greed makes for bad decision-making. But the thing is, I don't have enough shares that selling them all now would change my life, but I have too many to scoff at the price difference from the beginning of this year to now.