Booking into V class for european flight avios redemptions (Gold) and then having these tickets fully flexible (GGL) is an extra-ordinary combination. Even with the £35 refund fee for non-GGLs it's a really good deal. When I look at the alternative carriers in Europe and trying use the "regular amount" of points for any domestic booking in the US, I realise how lucky we BA fliers are.

Everyone will see this differently, but I feel BA frequent flyers based in London get a genuinely great deal. You have to play the game and have the Premium Amex and Premium Barclaycard, but the rewards are very good, even before discussing the Joker (which for me is 10x better than the LH/LX HON benefit of booking their F cabin to a tiny amount of destinations)