I'm in a position where I'm relatively Avios poor (about 400k in a household account) but fairly IHG points rich (in excess of 1.1m once the current earning promotion ends in August). Even though I'm really not sure I'm ever going to be able to burn all my IHG miles given I generally earn quicker than I spend at the moment, the offer still doesn't really make sense - I have no immediate plans for a large Avios redemption, and I generally find IHG points easy to redeem if I happen to want to stay in an expensive city.

I suspect there are very few people that will find this offer attractive when they do the analysis.