The Lounge pass is for sure the best of the milestone awards, though I could not make as much use of it as I would like to. The suite certificate is nice, thought not as easy to redeem / use. I used it in Bangkok, but was unable to use it in other locations. My rule is not to have more than two in my account. I only could use two f&b awards - all were approaching the expiration date at the end of this year. As MrsW wrote, I much likely not eat at the hotel or could use the lounge and thus have no need for it. In so far, I choose a couple of times the points as best and most flexible option if I only can chose between f&b awards and points (e.g. 30 / 50 / 60 nights).

But in general, I am very pleased with the milestone awards and the new programm after a full year.