Man, those SPG points are the best. Booked two round trip to for our Ireland trip for 40k pts and a small number of AA miles. First it's the 20=25 when you go to an airline so 40 turns into 50. Then there's another bonus AA is running for a 20% bonus when transferring from SPG. So 40=60. Then you get 10% back when you redeem so there's an extra 8. 40,000 spg was 68k AA.
2.7 cent redemption on the AA miles. Around 4 cents for those SPG.