It is really 10 cents per mile if you would be willing to pay the $11,000 for such a ticket. Most FT'ers are not. Granted, you need some way to "value" the miles, but valuing them using a price you know you would have no intention of paying is not the best way...IMHO of course.

I am using 100K miles to fly to both Anchorage and Munich in F/J. That ticket would cost me over $10,000 as well if I paid for it. But I would never spend that much. And there would be cheaper ways, even with F/J, to purchase the ticket if I were going to pay cash. But the end result - I got a great deal using my miles. I just wouldn't say I got a 10 cent/mile value from them.