This is a good deal. While the Economist is clearly not as good now as it was 15 years ago, I think that $1/issue is a fair valuation. This knocks the effective rate down to 1.35 cpm. And, as others have noted, BA points are extremely useful for short haul trips, plus slightly longer flights. E.g. HKG-SHA for $200, all in (on an airline that isn't Spring or China Eastern).