5 star hotel in Bucharest at a best price for a single room at around $150 or about 10,000 skymiles. 3 nights in Bucharest for 30,000 skymiles saving me $450. Much more valuable to me than not finding any award seats to where I want to go for that many miles. For me, yes, relatively speaking, "excellent value" without a doubt.
But let's not get caught up in that redundant and tired challenging of one another's interpretation of "excellent value".