Everything You Need to Know about Discounted British Airways Avios Off Peak Awards

I'm on record saying that I don't think the British Airways devaluation from last month is a big deal. Only Business and First Class awards went up in price, and the vast majority of good Avios redemptions are short, direct, economy awards.

Well there's another good part of the "devaluation" that I haven't covered yet: the introduction of cheaper off peak awards on British Airways and Iberia flights. Here's the new award chart that shows off peak award prices next to peak award prices.
New Award Chart
Off peak awards are only possible on British Airways and Iberia flights.

Iberia 25% Off Transatlantic Awards and Low Surcharges

British Airways is offering a 25% discount on its longhaul awards--flown by BA or Iberia. That would be great except British Airways charges humungous surcharges that make any redemptions an awful deal in my mind. To wit, British Airways business class from New York to London:
As the screen shot indicates, this is normally a 40,000 Avios award, so there is a 10,000 Avios, or 25%, discount. But the taxes and fees of $438 oneway make this an award I would not purchase.