I guess perception is a funny thing. I have rarely had trouble getting what I wanted out of a frequent flier program. Then again, as others have discussed here, I have some strategy behind not only my earning methods, but also my usage. Reporters rarely go behind the sensational aspect of the story, i.e. "you will never be able to use those miles...there are too many of them"; and don't cover the "one man found that he could redeem his award by making two extra connections to get exactly where he wanted on the dates he wanted". They don't report those things.

As for the value of miles, I do consider it like currency. Sometimes there are bargains, and other times I pay through the nose. But like any value, it's the buyers job to do the homework to find the best value.