You are probably right.. if you assume that business is $2k per direction and econ in $600 per direction, then 25k miles + $350 copay + $600 fare is slightly better than 60k one way. But it's close and it really depends how many miles you have. I'm hovering around half a million and am going to earn 200k - 250k per year on my way towards status so if I don't burn then they pile up. So I would rather pay 60k than 25k + $950. The miles do have value but only up to the actual amount that you want to fly. Once you have more than you need they become kind of worthless. I won't turn down an opportunity to redeem if it saves me 2c or more per mile.