I think it's up to each person what a good deal is. If you were planning on flying to Seoul and were going to pay cash for FC it's obviously a fantastic deal. If you were planning on flying to Seoul and were considering coachfor let's say $1K, I would argue it's still a pretty good deal. If you had a horde of miles and could do it for a few hundred $$ in fees, it's not quite such a good deal anymore. However, I can recognize that it's a huge discount compared to the normal value either way.
I think this goes back to how people value their miles. For example, If I redeemed 30K Hyatt Points for a $1,500/night room - woot 5 cents/point. However, I would argue that if you wouldn't pay $1,500/night in cash that's not really the true value... I think it's more realistic to value points based on what you'd truly pay in cash....
We're a family of 4, so at $1,700/pp that's nothing more than a boatload of $$.... We'd rather take more "nice" trips than the rare crazy/extravagant trip.
