There are decently priced awards on shorter trips with lower miles on DL and better availability. On DL, most of the time you end up getting about 1.3 cents of value per mile (of course there are exceptions, but it’s what I see the vast majority of the time). Obviously that doesn’t come close to an international first/business class award at AA’s saver level, but you will find something like LGA-MCO for ~15-20k miles at off-peak times, whereas currently that’s 25k at best on AA with a connection, or 50k nonstop.

Now clearly an intercontinental J trip that’s pricing at $8k rt would be 615k miles @1.3c (though in reality it’s probably a little less) which is probably more than 2x AA’s AAnytime. So definitely a devaluation.

Bottom line is that this is bad for those of us who hoard miles for int’l Premium cabins, but good for usage on domestic flights in coach. With a relatively fixed value, you don’t have to hunt around for arbitrage opportunities. That said, DL does have mileage “sales” on US-Europe from time to time, where availability is decent and prices are not terrible (I want to say as low as ~130k r/t but I can’t remember exactly).