Originally Posted by Dave Noble

If say redeeming for LHR-SYD , the mileage cost in business class is 185,000 and a paid ticket might be , say, GBP3500 ( c. $4300 ) . This would make it a value per mile of 2.3c - but imo only a valid value if the person would otherwise have paid the $4300 and not purchased an economy ticket or gone on another cheaper airline. If the person would otherwise have paid GBP800 and flown economy or GBP2000 and gone premium economy, then the 185000 would imo only be a saving against that lowe value