I especially agree with bbinchi's philosophy of using miles for service I could not (or would not) pay for on my own. And, I also agree with others here that it's fun to gift tickets to friends and relatives who otherwise could not (or would not) afford "the flight of a lifetime."

Until recently, I've used my miles for intl. upgrades, domestic upgrades being free on CO. However, with CO's recent avalanche of bonus miles, new opportunities have opened. So, my newfound cache of bonus miles will be spent as follows:

• For my future in-laws...an intl. FC flight on QF SYD-LAX to visit us. For people used to Economy travel, I think the sleeper seats, the super service, and the gourmet food would really give them something to remember!
• For my fiancee and myself, once we're settled here, an AF reward trip on the Concorde (once it's flying again) to Paris, and then on to Moscow in FC. I can't afford a 20 million dollar Dennis Tito or James Cameron type flight to Mir, or even a $90,000 suborbital flight. But a flight on the Concorde, I can afford...at least with miles.

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In Economy...no one can hear you scream!