I'm a big believer in using points for Business or First Class travel and getting a high perceived value (even though I would never pay a First Class fare). But I mostly go to Europe, not Asia. I was looking to book a trip from NYC to a secondary city in Europe (there's only one daily non-stop from NYC) and noticed that two tickets required 500,000 miles and $500 - or buy the tickets for $5900. That's the dreaded "only worth a penny a mile". If I didn't mind turning a 7 hour nonstop flight into an 11 hour trip I could fly first class to London and change planes for more like 200,000 points and $2000, which is a much higher perceived dollar value but devalues my time and comfort (and requires actual cash). Seems that if I want this flight I may be better off using American Express pay with points rather than the airline's own points, since I will then earn a few more low value airline points in the bargain. But there are probably more restrictions on a cheap paid ticket than an "anytime" point award. Since I have a ton of points, I know for sure that I'm better using them rather than cash...why wait until they go down to 1/2 cent of value? For me this was a wake up call how fast points are devaluing.