Living in NYC you certainly have a plethora of choices. I certainly wouldn't sit on them for another 10 years. They won't be worth any more than they are now!

Be flexible, be ready to travel on short notice, and have fun. Carnarsie had some excellent advice, especially the CO situation.

For RTW, DL is often said to have the best product. Check the DL thread and you'll find a great thread on that, including personal experiences and comments about their RTW desk in SLC. An award RTW is even more flexible than a paid one, from what I've read.

I used to hang onto the miles, too, but one day realized (as the airlines devalued the currency) that was not a sound strategy and I have never looked back. I certainly am not usually in the position of being able to justify the cost of a B or Y ticket so I love using miles for that purpose.

Good luck and let us know how you made out!