I redeemed a F award to Europe for my parents. The awards cost 270,000 miles, the equivalent tickets priced at $34K. There is no way I'd buy that ticket with money, so did I really get $.126/mile? Maybe. It's a great gift to my parents that is only available because of miles, so it's priceless in a way and of little equivalent value in another.

The ultimate value of miles is being able to do things otherwise unable to do.