I think you can do the math, and knowing your use of miles decide.

For me, how I value miles depends more on extraordinary use, such as sending two friends on their honeymoon to (his home country) Thailand in JL F. Tickets would have cost $20,757.60, I spent $39 and 250,000 miles (about 8¢ value from a mile, an effective use IMO; my friends' trip, priceless, as they were sweating the coach prices - and they loved the silk pyjamas.)