As pbd456 mentioned, I think a lot of the value depends on your plans to use the miles. If you can identify good award space and put it on hold, go for it. I've found the ability to redeem for well-scheduled flights to be increasingly difficult. My partner and I just burned our remaining miles to fly BA first home from BUD next year. As an FYI - the surcharges are WAY less when the flight originates outside the UK. I plan appease my frustration through multiple glasses of LPGS in the Concorde Room at LHR.