I recently booked a family of four an economy award from Miami to Buenos Aires with their Membership Rewards. It was an interesting award that I think demonstrates the complexities and fun of booking with American Express points.

I won't talk about that award specifically, but I'll use it as a jumping off point for discussion since it illustrates a typical Memberhip Rewards situation.

Update at 9:31 AM ET on 3/8/13. Disregard most of this post. Commentor Angel pointed out trouble getting ANA to price this, and I found the problem. ANA rule: "The departure airport and the final destination on the itinerary may differ, but must be in the same country." I'll try to figure out a way to salvage some of this idea.

Yesterday I was effusive about the fact that ANA--a Japanese airlines most of us have never flown--stopped charging fuel surcharges on United and US Airways flights booked with ANA miles.

American Express Membership Rewards are valuable because of their ability to be transferred to dozens of partners. But they have a glaring weakness: they don't have a top-tier Star Alliance transfer partner--US Airways or United.

Membership Rewards can be transferred to Singapore, which is great because this is the only way to get into Singapore business or first class.

Membership Rewards can also be transferred to Aeroplan and ANA.