No, the other way around. I think there is still good value if you use the miles just to go to Europe. Did EWR-LON for 12.5k miles and about $100 per ticket last year during a sale. The regular price is 17.5k miles.

Only thing that bugged me was that you're in a small middle section all the way in the back. That's regular economy, then there are window seats for more, extra legroom seats for more, premium economy and upper class for lots more. They made a point of rubbing it in that we were all the way at the bottom of the ladder.