There's only one way I redeem my miles and that's for premium cabins on top notch airlines. In the past 12 months I have redeemed miles for a ticket to New Zelanad/Australia in NZ J, a ticket to SIN in SQ F, a ticket to NRT in the new SQ C, a ticket to China in NH C, and am about to book an award to South America in Business Class. The face value of these tickets is probably approaching $100K, but I spend probably 5% of that to get the miles.