I've been trying to figure out a way to get my American Express Membership Rewards points over to AA with this promo, and not get completely reamed.

The best I can find is to go to SPG points, take those in increments of 20K, and in the end I get 562 AA miles for every 1,000 MM points.

Here's my math:

1,000 MM = 333 SPG

333 SPG x 1.25 (assuming redemptions in increments of 20K) = 416.25

416.25 x 1.35 (current promo) = 562 AA miles

Not the greatest deal. But I might do some of these to top-off my SPG account at the next 20K miles level if I need them.