To be fair, we've had these doomsday threads since the day I discovered FT - and I lurked for a couple of years before joining.

The value of a mile has ebbed and flowed a bit. Same goes for hotel points. However, I've actually been having *better* luck getting my flights/dates and better per-mile valuation for my miles in 2007 and 2008 than I was five years ago.

I've been using AA and UA miles to go international (Europe in F on LH, closer destinations in the Western Hemisphere in Y on AA and UA.) I've been using Starpoints and Marriott points in ordinarily-difficult hotel cities at very good valuations. (e.g., Int'l or odd locations where Priceline or other discount hotel options are not available)

I've been using WN to go domestic - the Marriott Travel Package with 80 credits, effectively providing 10 domestic R/T's - is too good to pass up even if you hate the cattle call. Those have gotten a *tad* more difficult to book, but we have still been to able to get 2 west coast trips, an Arizona trip, and a last-minute Florida trip done so far this year - all at base levels.

With the rising costs of travel, you're actually getting MORE value per mile/point, assuming you still place value on the travel at the higher costs and would still take the trips. Maybe that's why it's getting easier to book: people who don't have BOTH the free flights and hotels are passing up on taking the trips. I don't know...

The main thing that could sting me in the near future is if Marriott were to ever fundamentally change the Travel Packages. I can withstand category creep...as long as the packages remain somewhat intact.