Another option is using 5,000 miles in either AA's AAdvantage, or NW's WorldPerks to get an inter-island ticket on Hawaiian Airlines, or 5,000 miles in UA's Mileage Plus to get a ticket on Aloha Airlines.

An inter-island ticket for 5,000 miles is, in my opinion, one of the best (if not the best) regular award deal there is out there.

Don't use CO OnePass miles -- they are greedy and want 10,000 miles for the same award on Hawaiian Airlines.