OP, this actually works out to a bit under 1.2 cpm ($1,000 / 85,000 miles = ~1.176 cpm).

If the post above is correct about the usual price for a gift card being $50 for 6,750 miles, that's about 0.7 cpm and this is therefore a great deal in relative terms.

But it really depends on how you usually use the miles. Relative to many flight rewards, especially those in business class, 1.2 cpm is a poor return. But if you struggle to use your points for flights and end up burning them on things like toasters or gift cards (or, God forbid, burn 60K + hundreds of dollars of YQ for Y tickets to Europe that you could have had for $700), this is actually a pretty good deal.