To me the most important thing about spending miles is to get enjoyment whatever the cpm. Wife and I just got back from Cancun where we stayed at an all-inclusive using Aadvantage miles. Only got 1.3 cpm but we had a great time. On the other hand we are going to Italy in Y next year and tickets are worth 3.2 cpm after fees. However I see no reason to hoard points just to use for TATL as there are constant changes in award programs and devaluations. I spend them down and then do another round of re-accumulation.