I've used miles for Economist subscriptions before.

At one point I think I also used something like 400 Midwest Miles for a year's worth of Wired.

My biggest problem isn't so much the stated value the airlines/hotels put to their miles in the catalog. I know it's not going to be high...the target audience is clearly someone with millions of points/miles who doesn't have any use for another night in a hotel or on a plane. For them, it's a nice addition to the program. My biggest problem is that by the time the catalog arrives at my door, it's all old merchandise. That "new" set of Callaway golf clubs that the airline/hotel claims retails for $899 is now available everywhere for $500. The $1999 plasma TV is now sitting at Costco for $1200. Etc...

If there was a way to redeem miles for even the 1 cent range, with the prices for the merch actually plugged in to what's currently taking place on Amazon, at Costco, or at other online retailers, then I'd think it's more of a fair game.

No, Flyertalkers don't like getting 1cpm, but if I had millions of miles I might consider it every now and then.