International premium-class travel is always the best dollar value for the mile. I redeemed DL points for SQ F seats, valuing the miles at $0.11 each for that transaction.
Value, however, is always in the eye of the beholder. If all you want to do is fly song from FLL to LGA to go up and see the grandkids (this is a stereotypical example) and couldn't give a darn about visiting the Maldives, then that's the best use of miles for you (at $0.01 per mile)!