I typically don't award fly during high seasons and usually am able to plan my travels up to a year in advance. Since I also live in a major hub, YVR, for many common destinations eg LHR, YYZ, HKG there are many cheap tickets or discount airlines. I would value my miles at least 2 cents if not more based on my previous awards: (all values in CAD)
2003 Dec YVR - MAI return CAD 650/25K = $0.026
2005 Jan - Mar YVR - LAX - EZE, EZE - GIG - YVR Business CAD 6000/75K = $0.08
2000 May - Jun YVR - LHR - MAD, SXF - YVR Business CAD 3500/60K = $0.058 (1999 CP, RIP, redemption rules)
2005 Feb EZE - UIO, LPB - EZE CAD 1000/40K = $0.025
2001 Jan - Mar YVR - LAX - SCL, overland, SSA - GIG - YVR CAD 3000/60K = $0.05
2002 April YVR - YYZ - EWR, EWR - YVR CAD 1000/25K = $0.04

And my greatest sucess
1998 Dec/Jan HKG - AKL - SYD, huge open jaw PER - HKG = 60K plus a SYD - AKL -SYD separate segment for 15K. Convinced the ticketing agent to let me get off at AKL instead of SYD on the outgoing leg since I had a return the same day on the other reward.

I like the use of award tickets for open jaw, one stop and business class flexibility.