I'm in two minds on this. Because I'm Canberra-based, I usually get terrific value out of the free flight.
Recently though, however, twice I have not been able to redeem the flight at two weeks notice. I don't know if it's new but only certain fare classes are available when booking within 21 days of departure, which I understand, but it feels like I'm not getting as much value as possible from the free flight, and the flexibility is not there. It forces me to plan way ahead in order to use the free flight but if it's cheap enough then I'm better off buying the flights and getting FFP's/SCs.
With a travel credit, there'd be plenty of flexibility but, at $200, the value just wouldn't be there. That amount doesn't go far when booking travel out of CBR.
I'll probably end up keeping the flight and use it to fly the parents here.