i've always said that is the only way one should use these miles. any other way is a waste. and as for jet, you're again walking into the 50 paise per mile trap.
remember, no one is trying to screw anyone here. I've heard stories of how people have tried screwing the system, and the system is safeguarding their interest now. not that I am happy about the changes, but I've never redeemed even a single PM on bookings via their own site.
Agreed transferring is the only option. 9000 points buys you a 4500 ticket on PM or transfer to BA and you get yourself a one way in Europe worth 3 times that.