I do not think that MFU from WTP->CW is too cheap.

Of course there are always some bargains where you get a great deal. But I am sure that the vast majority of bookings are fair value for miles rather than great value for miles.

Let us construct a small model to guess the relative value of MFU vs. straight redemption.

ASSUMPTIONS (will be wrong, but never mind ):
* all passengers are travelling to the USA
* 'leisure' passengers either buy a restricted W ticket and MFU to Club, redeem straight into Club or buy a restricted Club ticket
* 'business' passengers either buy a flexible ticket or redeem straight into Club since if you are going to buy a flexible fare anyway there is zero risk in booking with miles if available
* average W fare = GBP 1,000
* average restricted Club fare = GBP 2,000
* average flexible Club fare = GBP 5,000
* mileage required for MFU = 25k
* mileage required for straight redemption = 100k.

For 'leisure' passengers MFU is worth GBP 2,000 - GBP 1,000 = GBP 1,000 (GBP 1,000 / 25 = GBP 40 per 1k miles) and straight redemption is worth GBP 2,000 (GBP 2,000 / 100 = GBP 20 per 1k miles)

For 'business' passengers MFU is worth GBP 5,000 (GBP 5,000 / 100 = GBP 50 per 1k miles).

So in our little model here straight redemption for 'business' passengers is the best value (GBP 50 per 1k mies), MFU for 'leisure' passengers is the second best value (GBP 40 per 1k miles) and straight redemption for 'leisure' passengers is only third best value (GBP 20 per 1k miles).

I conclude that MFU from WTP to CW is not too cheap.