British Airways is running a promotion offering 50% off award bookings through August 3, 2012, if you book by August 12th. Flights must be booked on British Airways metal in World Traveller, World Traveller Plus, Euro Traveller and Club Europe (ie, coach and premium economy). This is a really great deal, except that it’s also not really a great deal. Yes, the miles are discounted, but the fuel surcharges are not. So a premium economy ticket to London from the US will have $627 in surcharges in addition to the 37,500 miles.
Since you have to fly on British Airways, you’ll fly through London, and there’s no avoiding those surcharges (BA miles are valuable because they can be used on LAN and others where the surcharges aren’t insane). Even flights THROUGH Heathrow have crazy surcharges — premium economy to Rome is nearly $450. Blech.
I think I’ll pass.