On this, and perhaps other leading internet travel discussion forums, we often lament about the value of miles and the difficulty redeeming them. I just redeemed some miles for award travel from JFK to SFO for Easter weekend in April and realized some very strong CPM valuations. I thought I might share the real-time valuation of miles with this community. I redeemed a combination of Business Saver awards and First Anytime awards for travel from JFK to SFO. The round trip business award (which was a saver), came in at 5.9 cents per mile (50,000 miles versus lowest business fare of $2,961.40). I was able to get capacity in U class (low-miles business award) because I am EXP. It showed U0 on Expert Flyer, but the agent confirmed the EXP status opened up 2 additional seats in U inventory. (Even as a Business Anytime award, valuation would have been 3.0 cpm, not the worst valuation at least.) As it was only U2 (as an EXP), and I have more than two pax in my party, I needed more seats. Rather than redeem Anytime Business awards, I decided to redeem Anytime First awards (130,000 miles, no low-miles First awards were available) for the others. The lowest round trip First Class fare (on the 3-cabin aircraft) on my flights would have been $6,042. For this redemption, that's a value of 4.65 cpm, using an Anytime award. Had I been on savers, it would have been 9.3 cpm. I got exactly the flights I wanted, during the Easter holiday period, with < 35 days notice. To round things out, the agent waived the telephone ticketing fee for the PNR that I wasn't at part of, too. While some may dismiss using 130,000 miles to fly JFK-SFO round trip, I prefer being in a premium cabin and would have paid for the travel using cash had I not used miles. Out of curiousity, I priced out the lowest economy fare for my flights. It would have been $606. Assuming a 25k miles redemption, that yields 2.42 cpm. This is a good real-time illustration of the best valuation of miles being for long-haul (or semi-long-haul in this case) premium cabin travel. I was pleased with the EXP availability - but even without that, the CPM values were quite strong. Many posts in forums are about the challenges using miles. My experience this time, as it often is, was the opposite on AA.