Tim: Thanks for the calculations.
Let me make a couple of points:
1. You have included Virgin's 'promotion' ie. joining bonus. You have not included BA's promotion, for 2 Club flights this would give you a bonus 3,000 miles (enough for a UK-East Coast economy return) or 2 economy return tickets to Prague.
2. Shrinks the World, is not just a winter promotion. It is available year round.
The exception are peak times (such as 13-24 Dec), these are dates that most airlines have as black-out dates.
What BA is saying is that for 3,500 miles you can travel UK-West Coast return. Rather than have black-out dates, if you REALLY want to travel you can! It will however cost you alot more miles.
Much better than black-out dates if you ask me!!
To me BA is better!!
MF