I do not see an option to purchase gift cards with miles. It looks like most of the skymall stuff is pretty expensive or every priced as well.

The general feeling I am getting is that the skymiles are worthless, but still preferable.

I am planning a trip from ORD to SLC in February (2/17-2/21), which is the perfect opportunity to fly Delta. Flights on Delta.com are ~$420. If I select awards travel they are 40k, which is more than I have. Interestingly, if I look at the calendar, one date is low travel and one is medium, therefore shouldn't it be 32,500? Therefore I would have to purchase 8k miles for ~$220.

Therefore the two scenarios play out pretty similarly:

1) $420 - $200 Voucher ~ $220
2) $220 for 8k Miles ~ $220

I appreciate all of the comments. I am leaning towards sticking with the miles.

Does anybody have any other thoughts on flexibility or other value?