While I value my UA mile at about 1.8 cents, my AE mile I value at about 1.2 cents.

The key is to know how to redeem your Aeroplan points for things of higher value. And yes 4-5 cents is not uncommon if you redeem on carriers without scamcharges for longhaul premium flights.

Apart from scamcharges (which are collected and pocketed by Air Canada), so not really Aeroplans fault, are:
*An online engine that semi-works, thus costing $33.90 call in fee, with other airlines, elites dont pay
*The change fee on awards of $101.90 - I just dont get this, especially for elites. Even as a low elite on UA, I pay $25 to change, and most simple changes are free anyway.
*The inability to cancel awards <21 days before departure