Honestly, I'd probably redeem. Only thing that could tip me the other way is if 170k has much better uses in that program and I happen to be interested in those uses. (170k feels a little steep for J to most regions of the world, whereas $3400 feels like a decent J fare.) On the surface, 2 cpm sounds okay. But if I have both the $3400 *and* a better play for the 170k within the next year, I might hold off.

If I don't really know what I want to do with the 170k, then I'd definitely redeem. When award charts devalue, it seems like the long-haul J/F get hit the hardest.