I can transfer 20,000 SPG points to Alaska Air and get 25,000 miles. And most importantly I have plenty of flexibility. The only thing I can't do really is transfer those SPG points to United MileagePlus because of the cheap 2:1 exchange. At this rate I can easily have one round trip flight to Europe from United and one from Delta (through Alaska Air). Not bad at all.

let me guess, I'm not even scratching the surface here?