I just did the math - I have earned 270K SkyPesos this year, including 60K+ from Amex spend, 50K in an Amex retention offer, 42K in various "customer service" items (compensation for delays, late bags, etc) and 117K from flights. I have redeemed about 350K in Skypesos, including 296K for two round trips JFK to BCN in J, about 35K for a round trip from JFK to RDM connecting through SEA (was able to upgrade one leg to D1 via an RUC), and various other small redemptions. I would say I got value out of SkyMiles. While flash sales are hard to come by, I think off season transcons/long flights, upgraded via RUC, is a clever way to get good value out of SkyMiles too.