While I do not like BA's surcharges and agree that there is no such thing as 'something for nothing' (my hard earned points are not 'nothing,' thank you very much), I am in the camp that believes there is still value to redeeming on BA.

Yes, redeeming for BA Y is not a good value proposition, but if I need something last minute, my options would generally be:

a) Pay ~2K for a rt in Y.
b) Pay 90K-130K for AAnytime award + minimal fees
c) Pay 40-60K for BA Y + ~$600
At ~2cpm, I would not pay 50-70k to save $600 but would probably pay 40-60k (+ opportunity cost of lost EQMs) to save ~$1400.

In general, I think BA J and F is a better value. Of course, nowhere near as good a value as AB/AA/AY etc...but if it's the difference between finding something and paying $800-$1K vs. finding nothing (especially last minute), I'd say I'd rather be able to find something and pay $800-$1K. Of course, if we are assuming that J tickets can be had for under ~$2K, then at least in my mind it doesn't make sense to redeem 100K miles at all (assuming 2cpm valuation).