Just finished MSP-ATL-SJU-ATL-MIA on DL purchased A then onto CGM on AA work related then 8 days later CGM-MIA on AA and again DL MIA-ATL-SJU-ATL-MSP earned 13788 EQM for $1771 which = .13cpm however for me it was worth it! I was guaranteed a seat in F, no upgrade worries AND I requalified PL for 2011.
So I agree, subjective value for different folks.