I value air miles @ $.10/each. If I can cash in at a better rate than that I feel I'm getting good value.
Last month you could have cashed in Air miles for a YVR-HKG flight that had a value of about $.20/cashed in mile.
I'm not sure if the promotion is still on but YUL/YYZ-Europe and YVR-Europe in LH J for 15,000 and 20,000 miles respectively IIRC.