It worked out to 0.083 c/ mile when they did the pilot last year discussed in this thread:
http://www.flyertalk.com/forum/air-c...-targeted.html
The interesting thing was you could get the phone booking fee waived by using $10 credit from the 1200 aeroplan points. For me booking 4 tickets for my family I would gladly use 1200 points for $10 plus $120 in booking fees.