Tonyq You're absolutely right about Economy Plus redemptions being good value. I have taken 3 IOM/LGW redemption flights this year for trips involving onward long haul flights. The value to me is in the baggage allowance, which, as I usually take 2 bags, is worth £84 alone.
But please don't tell FlyBe. Lounge access became a popular redemption and last year they almost doubled the points required (both me and the missus didn't bother renewing our lounge cards). I really wouldn't want to lose this valuable benefit, which has encouraged me to often favour BE over RE for my frequent London trips.