To optimize the value of the whole exercise, one should wait till March 2011 to qualify for HON:

One would make SEN (or requalify) and get 2 eVoucher and the next flight might be the qualifying HON flight, giving another 6 eVoucher.

HON would be good till 2/2014 - providing more time with new F and all the new A380s.

8 eVoucher have a max value of 260.000 miles. One will also have earned 600.000 bonus miles. 860.000 miles would value 1 EUR-Cent each at least, making this 8.600 EUR.

The actual business case depends on one's location: I am based in SIN and would only use miles to get back to Europe:

600.000 miles = 5 trips in Business Class
8 eVouchers = 2 round-trip upgrades from Y to C

Total Cost: 11.400 EUR - translates into 1.900 EUR (excl. tax) per Business Class ticket and 950 EUR for the round-trip upgrade. Business Class tickets are more or less fully flexible and available for any given flight.