This thread reminds me of times where I used miles to redeem an business flight from SCL-IPC (55K each) for me and my aunt. The time I spent 60K miles to fly my sister in business for a weekend. Or, the time I spent 25K to upgrade my mom and grandmother.
Was each occassion the best use of my hard earned miles? Maybe not. However, the fun to having my aunt with me at IPC, being able to pester my sister (and get pestered in return) like we used to do when we were little or the pride I felt of having my grandmother comment casually to the entire family that the seat and service that she received on her trip where the best ever, are moments that no amount of money or miles would ever buy.
I too chase the holy grail of less than $0.02 per mile earning. I sign up for the promotions and bonuses, attempt to maximize my flight segments, and have turned milage runs into mini-vacations (or is it the other way around?). I enjoy my elite status benefits. My family has commented on my apparent "obsession" with miles, and my friends have commented on the trips that I take.
Although I certainly don't fly the miles that most people do around here or have their milage balances, I have certainly enjoyed how I have earned and spent mine. To me, there is certainly more to this game than just numbers.