Let me give you another scenario, based on the MasterCard “priceless” concept.

I am in EWR with my family (5 PAX) at 3:30 pm on the day the British police discover the “liquid bomb” plot/threat. All news is that LHR is virtually shut down, only a few intercontinental flights going out, and almost no intra-European flights. And we are scheduled to return to MAD via LHR.

I pick up the phone, call the Continental Elite line, and in 20 minutes have five award tickets direct EWR-MAD on the 8:25 pm flight that evening.

I have no idea what I paid per mile, but I know that I saved myself and my family hours or even days of agony.