I'll tell you why a OWE is valuable to me. A OWE allows me to fly FIRST class on long haul flights on the world's finest carriers. I don't have to agonize over finding award space available; I simply call up and ask for A inventory seats - which to date, I've had 100% success in getting for the dates I want to travel. I can fly over Christmas - or any holiday - there are no blackout dates.

I'm top tier on UA and AA, and routinely fly upgraded biz using my SWUs and VIPs. But that's nothing compared to the luxury of the first class cabin on international carriers. Back in the good old days - just two years ago, when we could get 36 segments on our 6 continent RTWs - I did a rough calculation of what it would cost me to buy the flights for which my $5K RTW ticket covered. It was over $100K. I dont' have that kind of money - but once in a while I can squeeze out the $5K (or $6K, where the 4 continent AONE is running ex-CAI these days).

I'm not looking at miles earned - although those are nice. I'm looking at the pure, unadulterated joy of flying in the best cabin in the best carriers in the sky. It is a joy.