AC is a redemption partner in AIR MILES, and AIR MILES is a competitor to AE so I am justifying posting this here. And because AM is following in AE's footsteps by introducing expiring miles...
Although not formally announced I stumbled upon a new AM web site for a major redemption option being started some time next year.
www.airmilescash.com
However, the key news found in the lower corner of this site is that AMs will now have a 5-year lifespan with new earnings "time stamped". Existing miles must be redeemed by the end of 2016.
The site itself is for a new redemption option whereby members can instantly redeem (in multiples of 95 AMs) miles for cash credit at various AM partner outlets. The rate is 95 AMs for a $10 credit. This is consistent with the current gift card rates.