Very common question...no one-size-fits-all answer. For starters, search this board and the NW board - others have asked similar questions and there are lots of good arguments for both the redemption and for buying the ticket.

It depends greatly on your current cashflow, "milesflow", pursuit of elite status on NW, future plans for miles, etc. To some, taking 1.2 cents per mile and keeping $1200 invested is a great call. To others, they'd buy the ticket, earn some more miles, and hold out for closer to 2 cents per. It's a very individual decision.

This board will give you the general arguments for/against redemption; the NW board might yield some tips/tricks on the program itself: routings that might save you some miles, earn you more bonus miles, partner redemption possibilities, etc.

Welcome to FT!