It's worth adding, I would not be bothering if it wasn't for the LP unless I was very low on miles. When considering the significant bonuses earned at 175k and 250k LP, it's significantly better than $3.50 for 250 miles. And of course the status has significant value too.

I also think that 1.5c is a little bit low of a valuation for AA miles. I never actually redeem them that low. Internally I apply a value of 2c.