Normally, I would consider a long-haul F award to represent great overall value: the extravigant luxury of international F sleeper seats/beds, superb catering and wines, unsurpassed levels of services, lounges, etc. I have used several when the Canadian Plus program offered BA First between Canada and SouthAfrica for a mere 125,000 points. I believe AA offers a similar award at 140,000 on BA, and via the Pacific on CX. Two overnights, a day in London or Hong Kong, and one's very distant destination.

The cash value of the foregoing awards can approach US$10,000 or more.

As much as I have tried I have never been able to book the UA intra-Asia awards, where I think the 40,000 for First Class between SIN or BKK and NRT, onward to HKG would be a great indulgence for a pampered day of flying in each direction.

Under normal circumstances, a simple domestic award within one's home territory would be the worst way of spending one's miles, but some times this can be a very good deal if it is at the last minute.

As noted in an earlier post, AC offers a short-haul Y award within Canada or transborder to the US for 15,000 year around, and 12,000 in some periods of the year. If one must make a last minute trip, and cannot get an advance booking ticket at $200 to $300, then such an award represents a very good bargain compared to the fare of $1,500 that could go with even such a short trip. [And in comparsion with the cost of the long-haul award noted, represents $15,000 or more of flying value.]

The ability of some elite tier programs to access award seats out of paid inventory on short notice, at any time, is certainly a major value added feature of a program. Particularly if one does not have to "pay" a 50% or 100% premium over regular awards to do it.