Best redemption: it would be hard to choose from these 2, both for Mrs FTF and I.
1. Got LAX-LHR-JNB and back in Virgin Atlantic Upper Class, redeemed on Delta in I think 2005, right before they killed the partnership. In fact, our return flight was the day before the last flying date for Delta miles redemption, so I was terrified in case we missed our connection earlier that day from Livingstone, Zambia, but it all went great. What a fabulous way to travel all those hours, and the magnificent LHR Virgin Club.
I don't remember the mileage spent, other than as a partner flight it was the base rate. But I do remember vividly I only had 2000 extra when I ticketed it. (Which is a lot of what turned me into the mukes slut I am today.) I probably called every day for 40-45 consecutive days to get both flights lined up right. (Hardest I've ever worked for a redemption.)
2. In 2009 we flew UA new first class LAX-SYD-MEL and back at the base (saver) rate. I had saved up miles and saw that Business wasn't available at Saver, as I expected. I thought I was going to have to fork over the rip-off rate, and have saved up the miles for that.
I didn't even think of checking First class...I called reservations to check on partner flights and that's when the agent told me they had it at the low price for First. The best surprise value for sure.
Current reservations: we've got 2 business at base rate SAN-DFW-CDG for vacation in September and an Alaska flight SAN-SEA and YVR-SEA-SAN on Delta miles in May, also at base rate.
Over the years it seems like we've been able to score base rate tickets about half the time or a bit better (just talking premium overwater, of course; wouldn't usually overpay for domestic), and had to bite the bullet on the high rate the other half.
FTF