To some degree, yes, but not totally. It really depends on whether you're flying to get somewhere you need to go, or just determining value by what the airlines charge, and looking for the most expensive place to go and use your award for that, whether you need to go there or not. To me, that would be getting zero value for my miles.

I suspect that even with the "lower" fares we may or may not see, I would still not be willing to pay that much, so the award has the exact same value for a $3,000 ticket as it does for a $10,000 ticket.