If you don't have the time to do your own bookings, or have extremely complex bookings, I would imagine such a service would be beneficial.
I don't know the link offhand, but someone had compared milemanager vs another award search engine vs one of the award booking agencies (such as the service you mention), and the service came out ahead almost every time.
Booking complex award itineraries can take hours on the phone over the course of multiple days in order to see success. For my recent booking from US to EU/Asia, I probably spent 5 hours on the phone with various airlines checking availability and making reservations (and that's for a total of 3 tickets, if it were for multiple people, on an even more complex, longer itinerary, I don't know that I could've done it without help.
If you do have the time, the interest, the miles, and the motivation, then ft is really all you need, post the right questions here, do your research, and you don't need to pay anyone else.
If you are someone with millions of unused miles gathering dust and want to burn through them quickly and easily without any effort, an award booking service may be right up your alley.