Delta Air Lines is now testing new feature on its Delta.com website. During the booking process you are presented an option to upgrade to first class using cash or miles. The value attached to a SkyMile under this upgrade program is one cent.
On the positive side you will earn Medallion Qualifying (MQM’s) and award miles based on the upgraded fare class.
The Evolution of SkyMiles program that I wrote about almost exactly a year ago is still alive and coming. Apparently there has been delays.
Paying for first class upgrade using miles is not a new thing, but usually requires a special upgrade fare class to be available. This program just sells you the upgrade and uses a monetary value of one cent per SkyMile.