I agree that it's worth the hassle, particularly if you're booking business or first. For Y awards, I think I'd rather just buy the ticket and be done with it.

If you're traveling TATL, TPAC, some intercontinental route or RTW on some of the world's best airlines with the best lie-flat C or F seats, the possible hours spent on the phone to get a ticket that would normally cost several thousand dollars US, or over $10,000 in some cases, it's worth the effort, time, and relatively inexpensive taxes and fees.