Maybe my travel patterns are unusual, but I generally use my miles for domestic tickets when I need a triangle trip or open jaw - especially when smaller/pricier airports are involved. I've redeemed about 8 domestic tickets in the last year or so - and I have yet to redeem miles for a ticket I could have purchased for under $500. None of these trips were last minute - although I have used miles for pricey last minute trips as well.

I do fly in/out of some pricier airports - but have burnt over a million FF in the last couple years all in coach - receiving mroe than a 2 cents/mile value. Until this ceases to be possible - I will use 2 cents/mile valuation.

(Premium Int. Awards give the best cost/mile - but unless you would be willing to pay significantly more for a business seat than econ - the extra miles are probably not worth it).