Not exactly. I've changed my business model during the past year+ for three reasons:

1) it's insanely easy to get miles these days
2) flying in Y sucks
3) if I "pay" for my own tickets, I can generate better returns for myself (i.e. travel expenses --even Y-- are big deal for many clients)
4) I'm still able to bill ~$1500 for my free tickets, though I'm cognizant -- but not nervous -- about tax issues

Of course, you're correct to suggest that SH is a terrible tourist destination, unless you're really into KTV.

In closing, my plan is to go there, hit HK and BJ, and then return to the cheapest real city on the Pacific Rim in which to base yourself.... repeat same drill in April.