Air New Zealand Air Points - comparing other FFP miles to AP$?

Just for the sake of argument, does anyone have an opinion on what 120,000 Flying Blue miles (KLM / Air France / Sky Team) might be worth in relation to AP$ or any other FFP denomination that could convert to NZ metal awards?

This is not an offer, and as such shouldn't need moving to, say, the CC board. Rather I am just curious what the regulars on this board might think.

Normal approach is to look at what good value redemption you can use the equivalent miles on and equate.

Normal approach is to ...OK, I get that, but I'm still curious if anyone has some specific thoughts.

Maybe I could try a reverse approach and throw out some possible solutions for people to critique?

So if your timing is right with respect to web@awards 120k FB miles could get two return business class flights on KL or AF from Europe to North America or Asia (or four one ways because the FB programme allows that). Might that be worth two J flights on NZ from NZ to North America? I very much doubt it. One J flight to North America? Maybe. Two J flights to Cairns? Distance might be about right, not sure about real $. Two J flights to SYD? MEL? Fiji? Four Y flights to those places? The FB miles might be a pretty good deal in those latter cases. One Y flight from AKL to WLG? Surely worth more than that.

Any comments appreciated . . . :)