Really terrible - in many cases the economy ticket is actually cheaper then the miles + taxes option. I did not realise it was so bad. According to the calculator LHR - SYD/MEL is 90,000 in business saver for one person...(what a joke!).
I've also looked at FlyDubai options (i.e. paying separately for tickets to DXB and then Fly Dubai options but these are not really better).
Upgrades seem quite hit and miss.
