I had always used $0.02/mile as the value when figuring out whether or not to use my miles or purchase a ticket, but the changes the airlines have instituted the last couple of years have devalued the value of a mile, and now I use $0.01/mile. Reducing it by half was somewhat arbitrary (who knows, maybe it's $0.012/mile or $0.008/mile) but I don't think $0.02/mile is accurate any more. Just one FT'er's opinion! tls