Finally found a situation where it comes close to making sense. Int'l trip for 2 in Business - the $1200 fare deal works for the dates and itinerary. Repositioning flight necessary, but can do that for 1/3 of the cost on another airline. Normally, I book my ticket on revenue, and co-traveler on miles, but DL is only offering "medium" and "high" seats for the range of dates involved. That would be 200,000+ miles RT. PWM can do the same trip for her ticket for 120,000 miles,, a 20% premium to the "low" Business award for the route. The drawbacks, of course, are that you can't redeposit the miles in case of cancellation (but I'd have that same situation if I bought a cash ticket) and she'd get no miles credit (but she wouldn't with an award ticket). Worst of both worlds, but tolerable. I'd also need to book her on a separate itinerary - just like I'd do if it were an award - but I don't need to hassle with trying to convince a phone agent that we really are traveling together so as to access any additional PM inventory. Never thought PWM was a good deal. It still devalues the miles for this trip, but it's close to the right ballpark.