It is obvious that the value of FF miles has decreased, and will likely continue to do so. But even so we are a far way from #3 assertion that " a mile is only a penny." In a prior post here someone cited a first class UAL trip to Spain and Rome, for 100,000 miles. At a penny a mile, that would be worth $1,000. Try nearly ten cents a mile. Or, using NW miles one can travel on Malaysian Air (one of the finest) first class to Asia... for 120,000 miles. Could one purchase a first class rt to Asia for $1,200... with miles worth a penny each ? On what airline ?

My point is that while we all would like to see former values return, there are plenty of values still there... and they are worth spending some time to achieve. Even if more of the time is spent on the phone trying to nail the award down!