Airline miles are best used for airline redemptions. There just aren't many other options for exchange. The Ultimate Rewards program is great if you want to get started with them too.
For an outdated review of how to use BA points, see the below. The basics are the same but the good values for long-distance redemptions are gone, since all Avios point redemptions are based on distance traveled.
http://thepointsguy.com/2011/11/maxi...ransfer-bonus/
http://thepointsguy.com/2011/11/brit...an-i-expected/