This doesn't seem like such a good deal at all. The yield is a bit over 10% based on dollar spend, right? That doesn't seem so bad for short-haul reward redemption, but for the premium cabin on the transcons it pretty much sucks. A $10,000 spend to redeem for the cheapest one-way F seat on a transcon is pretty bad. Compared to a traditional program the top end rewards are still pretty out of the ball park in terms of the competitive landscape.

http://www.wanderingaramean.com/2008...ion-rates.html