I would use the miles for free flights when ever I felt the trade off (fare) made sense. This is especially true when going on a flight with little competition. "Most" of this board is based on "free company paid flights" and the answer then changes.

Points generally have depreciated overtime and will likely continue to do so. As the value of your money earns interest and points do not, AND the depreciating nature of the value (redemption costs).

Having said all that, the current state of the industry is often forcing low fares that often are too good to pass up. A couple bankrupcies and some consolidation of routes could increase fares in the future at some smaller/midsize airports.

Using services on this board is the best way to find how to utilize the "odds and ends" you have and round them off to full tickets. Lots of ways without getting on a plane.

Finally, these programs have lasted a long time and could last a long time more. Nevering being the low level elite is not much of a loss. Only mid and upper levels really get you opportunities that really count.