Sharm counts as Club World, so you 240 points for your £500. On points-per-miles its as good a deal as doing lots of short hauls.

I say go for it IF you will enjoy the day trips. Although, personally, I'd turn them into weekend trips with a cheapo hotel night somewhere. One a month will do it before your year end.

Alternatively, go euro-cheat. This means giving up the Amex 2-4-1 and Tesco (although you can keep the Tesco vouchers for 2 years, so save them until you hit Silver then move that). Euro-cheat gets you Silver for 400 points so you would do it with a weekend in Sharm plus a one-way CE / one-way EasyJet trip somewhere. Again, full details in the sticky. All you need is someone with an EU address who can forward you one envelope - the envelope that will contain your card. After that, you can move back to the UK and cash in your Tesco vouchers.