Either way, it seems that Amex Travel is just basically a way to transfer points-into-cash at a rate of 100 per $, which isn't the worst deal ever, but not the best either.

Their booking engine seems to be just a re-skin of Expedia or something, so assume anything you purchase that way wouldn't look any different to the vendor than something bought through a third-party booking site, same fare codes, etc.

In the case where the going fare is lower than the cost in MP points (at 100-per-$), then it would be better to use Amex points to "buy" it for "cash" and get the mileage credit for flying the ticket. Save the MP points for higher fares in premium classes, upgrades, or expensive routes.

Its generally not easy to get more than 1-penny value for AMEX points other than trasnferring them to an Airline program. Most of their shopping stuff works out to 1 cent or worse, same for gift certificates, etc. Always 1-cent seems to be where it caps out.