As predicted, the cost fell back after a few days to 110k miles, so I have booked. This has cleared out my VS points account, and will be my last VS flight. Will also be cancelling my VS Mastercard.
The new points structure is a horrendous joke. I just checked for a one-way reward to LAX in March. BA have 5 flights all with unlimited reward seats available for 40-80k miles plus cash, so clearly a very quiet day. Virgin want 350,000 miles plus a higher cash amount. Utterly, utterly nuts.