I’m just back from Tokyo and Shanghai. My wife and I flew to Asia on a Virgin Atlantic 120,000 mile roundtrip ANA first class award. It’s one of the better value redemptions in all of travel — United would charge 220,000 miles roundtrip for the same thing, Aeroplan 210,000 miles, and Avianca LifeMiles 204,000. ANA itself charges 150,000 miles roundtrip.
And it turns out the deal is even better than that because most of the points for these two tickets came from American Express Membership Rewards transfers — when there was a transfer bonus. I called up Virgin Atlantic, put the award on a 24 hour hold, and then transferred the points. Not bad for a roundtrip ticket that was pricing at $22,907 apiece.