This discussion comes up over and over again.

What you need to look at is what opportunities cashing in your miles gives you. If you need a new toaster, and you're convinced that it is a good deal, then do it. Plenty of people I know thing Airmiles are a fantastic thing, and I've stopped educating them, too.

On the other hand, if you will never, ever, fly in business or first on a paid ticket, and it happens to cost you a boatload of points and perhaps even several hundred dollars in "fees", but it's "worth it" to you, then that is also a good deal.

Personally, I consider my two mini RTWs in F at 120,000 points plus not much cash (pre-"enhancement" and pre-scamcharge) to be excellent deals, and there's little chance I would ever lay out money for that experience.