I don't mind those high prices being offered. Traditional FFP's just show 'no availability' for any flight where the lowest mile fare is unavailable, resulting in no flights being available at all for many dates. Instead you now get the option for a flight, at least. I'd agree that 1.2M miles makes no sense, but there is a whole big grey area in between where - in some cases - it may be a fairly good value in that specific situation.