FlyerTalk Evangelist
Join Date: Aug 2011
Location: Barcelona, London, on a plane
Programs: BA Silver, TK E+, AA PP, Hyatt Globalist, Marriott LT Plat, Hilton Diamond
Posts: 13,048
Basically instead of having miles in your Flying Club account and money back in your bank account, you have a vague 50k miles and a $ amount to spend on award flights via Flying Club requiring the same award space as always.
You do NOT under any circumstances have an open ticket JFK to ZRH for whenever is convenient.