.. or am I completely missing something?

So I have about 60K AMEX rewards points, and the 40% Platinum bonus for transfer to Avios ends tonight. I thought I'd take a look at some travel options with Avios, based out of Orlando travelling to interesting places in Europe.

MCO to LGW 1/15-1/20/20 cash price with BA $440, Economy. "Rewards" ticket on the same flight is 32,500 Avios + $308.50. This translates to a value of 0.4 cents per point. Even with the 1.4 multiple from AMEX its only 0.57 cents per point. I'd get better value using points to pay for Amazon purchases.

What am I missing here? Looked at from an objective, pure numbers perspective this is a terrible use of my AMEX points.