I live in Portland, Oregon, and from what I've priced out, Europe and Asia are still the same for me except I can't do multiple stopovers now. South America sucks now, but from Miami some flights are the same or better and I fly to Miami a lot to visit family.

Short haul flights have a lot of potential. There have been lots of times where I would have used Amtrak points or taken a bus because it was totally not worth burning miles, but I totally will now that it's 4500-7500 instead of 12500.

All in all, I'd say it's a wash for me.