Opinions are different from facts, sure, but internal consistency is useful too.

First, if I say that I value SkyMiles at 2cpm, presumably I expect that I can trade 10k in pesos for something I value at $200, whether that's a flight, Sky Club drinks, magazines, or whatever. Otherwise this whole exercise is meaningless.

So if we take as given that I value miles at 2cpm (whether you agree with that valuation or not), it is irrational for me to use them to buy something where I would not be willing to pay the equivalent amount in cash.

i.e. if a bottle of Dom is $250 in the Sky Club, but I would only be willing to pay $150 in cash for it (also at the Sky Club; I agree that restaurant vs. liquor store is irrelevant here), I should not be willing to trade 12,500 miles for the same bottle. Because I have already established that I can use 12,500 miles to obtain goods/services that I value at $250, so I would lose out on $100 of value by spending them on the bottle of Dom.

Now, if I have *so many* SkyMiles that it will be hard to spend them all, then maybe I would splurge, but then it probably wouldn't be accurate to say I truly value them at 2cpm either.