Depending upon saver vs. standard and the destination, it's probably not quite that good--but, still, two to three pairs of round-trip business class tickets, which isn't bad.

A good rule of thumb for the floor value of miles is a $0.01 per mile (i.e. a penny). From a value perspective, you usually get a better exchange for business and first. Of course, you may or may not normally pay for those upgraded seats if it were your own cash so imputing the actual value is difficult in that case.