JFK-DXB round trip in First Class on Emirates (A380 Suites)
All-in price for two seats under the IAP: $23,808 (including taxes on the second seat) [ / 2 = $11,904]
Lowest all-in price for one seat on Emirates’ website: $19,093
All-in price for one seat under the STB: $17,977

There’s a decent chance you’ll be able to save $500+

IAP program now works on multiple fare premium classes, not just the highest fare class in each cabin. Had I booked under scenario 1. above, the second “free” seat would have cost me $4,715 additional (versus having booked a single seat via Emirates.com)

The gap between the IAP price and best-available pirce on the web has been narrowing more and more. Late last year, I priced JFK-ICN-SYD on Asiana in F and J (F to ICN, J to SYD) using the IAP program. As luck would have it, the price PTS quoted me for the two seats under the IAP was the same price that I found on Asiana’s website for one seat! That was the first time I’d seem them exactly the same, but it is a good sign of the trend. (This price was 25% lower than Qantas’s price for J to LAX, and F to SYD, too...Emirates example that I shared above is frankly one of the wider price differences that I’ve observed lately.

The Emirates examples above do not include the PTS ticketing fees. The Emirates prices were quoted in July 2011. Prices as of the day of this writing (September 2011) are lower, both on Emirates’ website and via the IAP/STB.