I recently received a Virgin Select voucher for being voluntarily bumped from my LHR-IAD flight. I was offered a choice of a free economy class ticket "anywhere we fly" or 50,000 Flying Club miles. I opted for the former, and was given the certificate. I have since checked, however, and it turns out the "anywhere we fly" applies only to one route, and since I live close to IAD, this would effectively translate to a free trip to London, unless I buy a ticket to London and then use the free ticket onwards. I will most likely, however, want to visit London, in which case, 50k miles would get me a Premium Economy ticket. I'm trying to decide whether I should now opt for the 50,000 miles instead, so I have several questions:

1) How easy is it to redeem a premium economy reward from East Coast USA to LHR? Is it often sold out or is there generally plenty of availability?

2) Does the "free flight anywhere" come out of the same inventory as award flights do, or does it come out of standard inventory?

3) Is Virgin likely to increase the number of miles required to redeem awards for 2004 anytime soon, or will they likely remain as they are currently published?

Either way, I am very pleased with the generous compensation Virgin offered, and am simply trying to maximize the value I get. For what it's worth, I've been told by a Virgin telephone representative that it's not a problem to switch my certificate to the mileage option. Any assistance you can render would be most appreciated. Thanks in advance.