The missing link in the equation is availability.
*AND FARE PRICE*.
Thus the point of the thread - to attempt to see, when it matters, how much the miles are worth by comparing the fare price to the mileage requirement. A medium award might be worth just as much as a low award depending on the airfare involved.
For example, I was searching for award tickets SEA-AZO, and there are NO low awards available... but the fare is also $400. So in that circumstance, the miles are worth the same as if there was low availability and the airfare were $250 - which is the case for many eastern origins to AZO for the same weekend.