I value my miles very differently. Given the choice between paying for a ticket or using miles: I generally pay for the ticket, since I want to accumulate the miles. The only exception has been a SCL-IPC flight in business class for me and my aunt.

To me, miles are the result of my quest for status on AA. Status to me means fewer hassles when I travel.

The actual use of my miles has generally been tickets for my family. The comment from my grandmother (who flew business PTY-LAX for the first time in the life) in front of everyone at our family's gathering was more valuable to me than the cost of the ticket itself. Or, the thanks that I got from my sister and her husband when I surprised them with an upgrade on SAN-BDA was also far more valuable to me than the cost of the ticket. Or, getting family members into the Admiral's Club while we wait for the next flight, etc, etc... I think that you get the idea.

Granted, my approach is not easily quantifiable in dollars and cents. I could probably use my miles better (from a strictly financial point of view). However, the personal enjoyment that I get from using them far outweights financial considerations.