I will admit that the conversion ratio at around 10:1 is poor but it works in some cases. Recently I received 4,000 AS miles for enrollment bonus, e-mail bonus, etc and knew they would expire if I had no flight activity within 1 year. So, I exchanged for approx 450 AC Aeroplan miles which have no real expiry date. With the 500 AC bonus for a 1year Points.com membership for CAD 15.00, I was able to add almost 1,000 AC miles to my account.
So my advice is to run the numbers and see if makes sense for you. It won't if you want to move 100,000 Delta to Alaskan because after the conversion you'll only wind up with around 10,000 AS miles.
[This message has been edited by tcook052 (edited 10-21-2002).]