I signed up for this a couple of months ago, and have collected the 3,000 bonus miles.
The program seems like a bit of a work in progress, at this point. I have studied the Star Alliance award chart, and a sweet spot appears to be awards between Australia/NZ and "South Asia". This is the same price as an award wholly within Australia/NZ, except that "South Asia" includes basically the whole of South East Asia, including Hong Kong, Vietnam, Myanmar, Bangladesh and various other places. This award would cost 30,000 miles in J each way, or 60,000 miles return. As far as I can see, open jaws and one stopover are also permitted on round-trip awards. So for mine, that would be a pretty good use of 60,000 miles.
But... I can't see any info about buying ConnectMiles, or whether they will sell any at all - let alone prices. It is already possible to do a very similar award using 50,000 United miles - and they can be bought (there was even a 50% bonus miles promotion a few days ago). So, if we were to get any value out of the Copa program above what is already possible with United (and Avianca), they would probably need to offer 100% bonus miles - when or indeed if they start selling them. I know that they're at least thinking about it, as "buy miles promotions" was one of the options in the questionaire I did when completing my profile, when asked what my favourite types of promotion were.
So, I guess with this program, it will be a case of "Watch this space".