A couple factors here.

In terms of redemption value (cents per mile in the redemption) one would have to compare it to the cash fare that was available for the same flights. Current TPG value for Skymiles is 1.2 cents per mile, so if the cash ticket was $444, you basically broke even for average redemption value. Some redemptions can be far better. Some are worse. Just depends on the specific redemption.

That said, it also comes down to whether it made sense to you to burn the miles, regardless of redemption value, relative to cash you have. Whether the ticket was $200 (would have been terrible redemption value) cash or $500 cash (good redemption relative to value of miles), if you have 37K miles to pay for the ticket, but not the cash, yet have a high desire or need to travel, then burning the 37K miles to travel makes sense. I used my miles a couple times while in college to travel. One was for a wedding. Back then, redemption rates were more fixed, not dynamic. The ticket was only a few hundred but I didn't have that kind of cash. I did have 25K miles and thus was able to attend the wedding.