In my pre FT days in early 2001, I bid on 2 airline tickets on PL. They were giving a $50 bonus at the time. For $100 total all in for the 2 tickets, I got LAX-SFO & LAX-PHX. Coupled with a $1/night room on PL ($20/day bonus for using AMEX at the time), it was a nice deal.

In PHX (April 2001, I got a $600 bump, got to stay an extra day & discovered Flyertalk. I ended up using the 4 x $150 bump book coupons (plus $20 cash)for 4 transcons and with my newly comped UA Prem Ex status, got enough miles for another free ticket. ^ (and more bumps )

Bottom line: I use PL bidding just for hotels. One time, I used PL bidding for a Wed-Sun car rental where I paid 1/3 the price of a conventional booking.