I would recommend flying first class somewhere far (SE Asia, Eastern Europe, etc) to get max value for your points. I had somewhere in the neighbourhood of 200,000 points at one time, and used up them on upgrades, and roundtrip first class tickets for me and the wife back to Japan. In terms of dollar value, that whole trip cost us 175,000 points (there was a free upgrade thing at the time) but would have cost us $12,000 dollars had we paid for it ourselves.
What ever you do, do it first class...and hurry...
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