$1.85 a mile is about twice what I think miles are worth at the moment. I've lowered my valuation a lot in the last year due to higher redemption requirements (both miles needed and cost of underlying tickets which can be upgraded), difficulty getting award and upgrade seats, and the tsunami of mileage promotions which suggest these factors will likely get worse down the road.

Everyone has a different opinion on mile worth but most folks seem to be much lower than they used to be. The "2 cents a mile" crowd ain't that crowded anymore.