Thanks all for your input.

Straight flight redemption or goods seems to be where it's at.

@Garykung. the branded goods available is not bad. They have both Western Digital hard-drives and iPads in the selection.

Now there is a WD 2 tb my passport drive that I want. Getting it on Ebay from HK and sent to Europe would cost me 110 dollars (I always get goods like that through customs without paying VAT or duty).

This drive is available for 27K points incl shipping.

I just bough a return ticket from one of the Scandinavias to a SEA destination. The ticket costed me only 503 dollars (thanks ITAmatrix), and it gives me 16K points total. 16K out of 27K is 59.25%

So if one keeps in mind that 27K points gives me a 110 dollar hard-drive, then 16K points is is worth 59.25% of $110, which means that my 503 dollar flight gives me rougly $65 worth of hard-drive. Which is a 13% "cash-back" (if one actually needs a hard-drive, and I do).

13% seems to be an outstanding deal. I wonder if one could actually gain flight awards that are worth as much, if ones usual route is the dirt cheap Europe to SEA via HK on CX.