500k PC points is 12 nights at an InterCon. That could be worth £3-4,000 in London, Paris, New York and even more in Bali etc.

That is substantially more value than 100k BA Miles, albeit the 2-4-1 may swing it back in your favour.

If the 50%-off 'Anytime, Anywhere' promo comes back this year, you'll be able to cash out 500k for £2,500 of Amex gift cards. Again, better value than 100k BA although you can't be certain this promo will return.