Ok, so if I understand it, the key to using standard awards is to convert the value of 19,200 points and then see whether I could use a standard award to beat that value. This means if I tend to use points for the cheapest fare category, I'm looking at $318.

The downside is that since I don't currently have any 1.0 awards, I can't check availability in advance (unless I get someone to do me a favor) and they are capacity controlled.

Is that a good summary? To maybe cut more to the chase, can I just ask you experts -- if you had your choice between 19,200 points (not counting towards a companion pass) and a 1 year standard award, which would you take?