Originally Posted by doc
As long as you book an award ticket that would have cost more than $200, you've gotten a good deal.
I find this type of valuation confusing. If you use your miles to get a First Class award valued at $5000 but there is no way you would've paid $5000 for First Class out of your own pocket it's a stretch to value your miles at $5000. Instead, your miles are worth what you wouldn't have paid otherwise which might be $200 for a coach ticket.