Assuming no status for your nephew, that's a $0.0115/mile value for the miles.

It really depends how many miles you have available, and how much disposable income you have.

The redemption is not out of the question. Certainly not a great value, but not really throwing miles away either. Flyertalk loves to make you believe that miles are worth infinitely more than they probably actually are - but that value really depends on a lot of considerations...

Oh, and I'm assuming you've considered both redemptions and purchased fares on alternate carriers?

Assuming finances are such that this isn't a strain on the budget AND you don't have hundreds of thousands of AS miles stashed under your mattress, I'd probably consider buying this one.