This does not relate exactly to the OP's situation, but is relevant to the broader discussion:

My employer's policy is business class for flights over 4 hours. It does not always work out as a viable option (especially with discount business fares available), but occasionally I have been able to bargain with my employer (in advance, of course) that I can save the company money by buying an upgradeable Y fare and upgrading to business with miles. The agreement includes the stipulation that the company will reimburse me for the miles at the same rate I'd have to spend to buy the miles back from the airline.

It's a win-win situation when the economics work out, because my employer gets a $6-8,000 expense reduced to $4-5,000, I still get business class tickets, and I get to convert some miles to cash at 2.5+ cents each. Plus, there's an objective standard for the value of the miles, to please the accountants.