Via Deals We Like:

During the entire month of February 2012, you will receive a 25% bonus when you transfer your Amex Membership Reward points to the AirFrance-KLM Flying Blue program. Typically, points transfer at a 1:1 ratio, but for this limited time you’ll receive 1,2500 Flying Blue miles for every 1,000 Membership Reward points.

Flying Blue adds fuel surcharges to awards which can make them expensive out of pocket, you’re certainly not going to want to redeem coach awards through this program as you’ll still be out of pocket much fo the cost of a paid fare.

But they allow one-way awards, their website is pretty good for award booking, their award chart can be favorable in some cases (promo awards can offer transatlantic business class for as low as 50,000 miles roundtrip).

Check award availability at the airfrance.us website. Then transfer points if what you want is available, I find that transfers happen instantly, and then book your tickets.