Though I should mention I got the arithmetic all wrong. I was saying I would be willing to pay about $300 *one-way* for an upgrade, especially on a red-eye. The difference in airline points required is actually about $500 *return*. So it's actually a great deal even by my own measure.

This is valuing the points at 1c/mile but in fact I rarely see $500 TATL tickets any more so they're actually worth slightly more. Still I think they're under my target.

There is another way to look at it. I would *never* pay $7k-$10k for a business or first class ticket. But I do want to experience it sometime in my life. So I'm being offered it for $1000-$1400 that's as good a deal as I'm gong to see anywhere -- it's take it or leave it. I may only do it once in my life and then go back to economy (but I doubt it but I'm definitely going to try it once.