It still works, IMO, but it’s much harder on the redemption side. You’re only going to get outsized value if you’re a pensioner or work from home and can travel on slow days.

On the other hand, the earning side is much easier, with tons of credit cards and MS opportunities. I’m much better off this way, than actually having to fly for them.

One new thing is the frequent business class sale fares. Pay with bank points at 1.5 and you’re getting the award chart of 5 years ago, net of whatever points your earn on the paid ticket, And no availability issues.