Yes, quite possibly!
With award flights available across the Star Alliance network, as well as
Etihad (which has great availability) and VA for domestic connections, Aeroplan is now a really good option. No fuel surcharges either - just taxes and a CAD39 partner airline booking fee.
For example, it's 100,000 Aeroplan points for a business class award from Australia to Europe. 130,000 miles in F, e.g. flying
Etihad.
With the current 100% bonus offer, it costs around $1,556 to buy 100,000 Aeroplan points or $2,023 to buy 130,000 points (that's in AUD). The annual purchase limit is 500,000 Aeroplan points, so that's not an issue. Some good value there, and the points are much easier to redeem on the Air Canada website than with LifeMiles where you often have to play screenshot roulette.