As compensation for being treated like a leper with the plague, Air Canada offered me the choice of $200 credit or 15,000 aeroplan miles. Do the math... 1.3 cents per mile... and that was about a year ago. I'd say it's under 1 cent per mile now.

Of course it all depends on too many things to say this figure applies to everyone... If you are flexible in your dates, times and routings and if you use the points on a Star Alliance partner (where you don't have to pay the fuel surcharges like on AC)... it is likely worth 2 cents a mile... MAYBE 3 cents.... but that might be stretching it.

Basically when you are the only significant frequent flyer airline program in your country, you can cheap the miles as much as you like.... and they have!