Actually, 1.9 cents per mile. Or, $0.019 per mile. Some people might find that to be a good deal, and others not. It really depends on what you plan to use them for. Buying international award tickets in F? Maybe a good price for the miles. Want some more 500 mile upgrades in your account? Terrible value. (upgrades can be bought 8 for 35,000 miles or 8 for $240, so $0.0069 /mile)
The value of a mile has been discussed in many many threads.
How do you decide if you should use miles or just pay for it?
Value of AAdvantage miles - How much is 1 mile worth to you? (consolidated)