We are long time Advantage members and, like others have said, can rarely use miles for flights any more. We now redeem our miles for hotel nights in the BVI or on St John. In 2013, they had a "sale" on redemption of miles for Scrub and Peter Island. We got 10 nights lodging for free.
I recognize this may not be an option since many here are sailors, but wanted to mention it since its worked very well for us.