I usually redeem for peak week coach seats to Caribbean Islands. For Presidents week 2010 I got six AAdvantage award seats for JFK- SXM. IN the past I have done the same to STT, AUA, and SKB. Those seat usually go for $1000 or more.

On the hotel side, I have redeemed Christmas, Presidents and Easter week at various properties including Hilton Whistler, Westin St. John, Westin Mont Tremblant, Hyatt Aruba, Westin Aruba, Hilton Los Cabos, Hilton Barbados, and Hilton Key West (when it was a Hilton). Those room go for $400 to $900 a night.

I am very pleased with the value of my redemptions.