1.5 cents/mile is too generous. As a non-elite, CO miles are about as worthless as they come. One must figure in standard award availability, or lack there of in CO's case, when estimating the value of a mile. Since one can always claim an EasyPass award for twice as many miles, the maximum adjustment for award availability can be no more than 1/2 of mileage value (before the adjustment). I peg CO award availability at only 30%, i.e, I estimate that any time I check for a standard CO award chances are that only 30% of the time I will be able to book the route I want on the date I want. Thus, I reduce my mileage valuation by 35% ((1-.30)* 1/2). As I typically value an airline mile before adjustments at about 1.3 cents each, I end up valuing CO miles at about .85 cents each.