My opinion of mile value is changing all the time, really depends on how one is using them.
Case in point.

My goal is to get two of us from YVR to AKL in as much comfort as poosible for the least amount of money, but still taking into account value received for dollar spent.

I have two tickets booked though AP, YVR-SYD(on AC in J), then SYD to AKL (on NZ confirmed in Y with a 10 hour layover that requires an overnight in AKL before leaving for final destination). Return is similar.

Cost through AP is 100,000 miles each +$630 in fees and taxes.

I can buy an M ticket for $4,519-630=$3,889, have seating confirmed at time of booking in J for the AC portion, the Y flight to AKL will have a 1.5 hour layover. Will earn about 20,000 status miles.

7 days out I can book a Leisure fare for $2,754-630=$2,124, have it confirmed in J if space available (will not book it unless I space is there), cancel the M. Connections will be ideal. Earn 20,000 status miles.

My redemption is now worth 3.89 or 2.12c per mile. Price on the inconvience of the long layover, then an overnight that will cost hard dollars?