In any case, to be fair one would value the trip at at least $1200, since the 50k miles are worth at least a penny. And the op isn't being deceitful, just hasn't found out that in Europe the airline marketing departments don't have the nerve to call their business class 'first class' as we do here.

Other costs/benefits not included in the equation: OWE offers near-certainty of travel in the chosen class, as opposed to upgrades, earns another $300 worth of miles if anyone is counting, and would earn the traveler AA plat status, albeit on this trip a bit late in the game. I guess the homeward leg would be the trigger, and earn the plat bonus.