As a reference point, people who manipulate spending in Hong Kong roughly value 1 asiamiles at 0.1HKD (approximately 1.3cents), thus we generally take the view that physical goods redeemed are of poor value.

Many of us here are able to realize asiamiles at a rate higher than 1.3 cents, for example a multiple segments ticket from Hong Kong to Japan roundtrip + domestic flight at Japan can easily cost at least 800 usd but requiring only 30000 asiamiles (i.e. a realization rate of 2.6cents). YMMV if you are flying mostly LCCs for intra-Europe flights or deep discount fare then probably flight award is not your cup of tea.