Obviously the value that 1.9c/mile represents depends on your usage of the miles.
I don't know about CO but I recently booked a trip for a couple of friends in 1st to HI in May using an AA 100K award. Cost is $1900 using the miles, close to $20K using Cash. Availability was not a problem and has rarely been with a bit of advanced planning and flexibility on AA. For instances like that, and for upgrading sub $400 AA coach tickets to Europe, and many other cash/award/premium oneworld permutations this promo represents an excellent value.
Your mileage may vary!