The Wall Street Journal ran a Scott McCartney piece on mileage runs. The value proposition is this:

When the deals are good enough, mileage-runners can arbitrage airline tickets, paying less than two cents for each mile, but cashing them in for first-class tickets or upgrades that would cost far more per mile. Two carefully played mileage runs, costing a total of maybe $700 or so, can yield enough miles for a free business-class ticket to Europe — priced at roughly $7,000 these days.

Nothing new to readers of this website, but perhaps to readers of the Journal. It’s a great ride we’re on, isn’t it?