It's a very individual decision about how to use miles. With that said, I have become more concerned about future devaluation (or, catastrophically, elimination) of miles and have been burning miles at a much higher clip. The spring DEQM program allowed me to reach 1P earlier this year, and 1K is not a real possibility, so it's been a great time to burn some miles.

Premium awards (C,F travel) are certainly a better bang for the buck if you have enough miles (and there's availability) to book them.