Mark, from what I've read, you seem to fly quite a bit, so maybe you're the perfect person to ask... I can't for the life of me plan out any trip I'd want to take where using Aeroplan points saves much money.

I've seen people in the past post in their blogs that they've calculated points equalling about 1.5 to 1.6 cents each when compared to the money saved on a flight. Everything I'm looking at is coming up from .5 to .7 cents per point. A flight to London, UK for instance. Such a flight is practically 50% made up of taxes and fees (about $766 departing from Toronto and landing at Heathrow). It costs 120000 points. Double what I've read it cost just 2 years ago.

There seems to be more value in cashing out points for merchandise like iPods.