Joe is right about the programs not allocating enough seats to cover redemptions. This is clear from the increasing # of complaints posted on FT regarding the lack of award inventory for popular routes at peak times. But Joe's prognosis and recommendations are a little off.

Clearly, airlines are selling FF miles faster than the German government printed DMs after WWI. The result is inevitable: the "price" of tickets purchased with miles is bound to go up. Hence, saving miles for your retirement is not a brilliant strategy if you are looking to get the most $/mile.

The solution, however, is not to cash in miles for worthless magazine subscriptions or more tangible items valued at 1 cent per mile or less. Rather, it is to use miles to book upgrades or free F & C seats on international itineraries. And to book as far in advance as possible to secure your ticket (or as short as possible, if that is feasible).