I value mine at 0.8 cents a mile. I use my miles for tickets to Latin America, which from MCI tend to run from $500 for Central America capitals, to $800 for South American cities like Lima. 35,000 miles is a huge bargain and standard availability is very common.

That said, my value has dropped from around 1.1 cents a mile to 0.8 cents a mile based on supply (I simply have too many miles) and the CO bankruptcy risk (slight, but still present). I still wouldn't replace a $450 coach ticket to Europe with a reward ticket, but mileage runs become very rare with this lower valuation.