The money, every time! Even if I wanted the miles, the time value and liquidity of money is far preferable to the miles, which one may never be able to take and are prone to ruinous devaluation. In fact, the more I look at airline miles, the more I think of Green Shield Stamps (ask Pucci ) and Fools' Gold.

Fact: six years ago, one could book a return in F to any N. American BA destination, inc. MEX, for 7,200 Air Miles. Would that number even get you to Paris now? Would you ever find availability?

Make it £20,000 and the miles can be yours now!