I was talking about Air Miles "Dream Miles" redemption with a friend the other day, and I realized there are still some "sweet spots". At least here in the Maritimes.
My friend redeemed 300 AM for a Ski/Snowboard Lift Ticket & Warm Beverage at Poley Mountain in Sussex, NB. The retail price of the lift ticket is 40.68 incl. tax, making this redemption a "whopping" 13.56 CPM! Even a bit more if you factor the warm beverage. Better than the 10.52 CPM of cash rewards…
Air Miles Gold members get a discount and can redeem this for only 240 miles.

There might be similar deals in other regions.