Would you have paid $10K from your pocket for a business class seat? Would you have paid $2500 from your pocket for a coach seat? If not, it's very hard to make the argument that miles are worth 8 cents each ($10K / 130K miles).

You managed to snag two business class tickets in high season to Australia with your miles.....that's excellent. Do you think the next person who wants to travel the same route, same times as you will be able to use his/her miles to do so? Very doubtful.....but coach and business class tickets will still be available for sale at the quoted prices. How would you value your miles if you were in that situation since you wouldn't be able to claim an award? Zero? How many others are shut out of claiming an award to Australia at that time since no award seats are left? If you average your 8 cents per mile with their zero, you only need 7 other people who couldn't claim that award before the true value of a mile in this instance drops to 1 cent. It is the luck of the draw in many instances.

Given the reduction in award seat availability and all the restrictions airlines have placed on award tickets over the past few year, it is "old think" to value miles at anything above 2 cents each, and even that would be high. Even Randy doesn't value them at 2 cents any more.