Originally Posted by tjbrooks

You can't use a card that doesn't exist anymore in an argument. And i dont think any blogger is recommending a 1cpm card for everyday spending. But to play along, by your own reasoning its acceptable to net 50K miles from $50K spend then redeem for a $1500 F ticket, but horrible to net 25K miles from $25K spend then use it on a $375 Y ticket on the same exact flight. Its 3cpm vs 1.25cpm, but that 1.75cpm difference is BS for the majority of travelers (most FT'ers I'd guess). It's "aspirational" value, something that you can't afford without miles. High CPM is just a bragging/reference tool unless you would actually pay that out-of-pocket.
I see value in Int'l premium, getting my dad on AF J last minute for a funeral, for 100K SkyPesos. The flight "cost" $8000+, but a marginal benefit over ANZ Prem Economy for $2000, so real cpm was ~2cpm. For me/my dad.