Agreed. I think it's arguable that, when the question you're asking is 'how well do X and Y two things correlate with each other', the statistic you should be

Agreed. I think it's arguable that, when the question you're asking is 'how well do X and Y two things correlate with each other', the statistic you should be giving is r (which here is 0.49), not r^2. r^2 is the proportion of the variance of Y that's explained by X -- not that that isn't an interesting thing, but ITSM the correlation coefficient is more to what people expect a measure of relationship to be. (IANAStatistician)