I received an email regarding this offer more than a week ago, but haven't been able to post about it since I've been in New Zealand (apparently free WiFi is not very prevalent here). Alaska Airlines is running a great winter promotion right now, offering up to 30% off the amount of miles needed to book an award ticket. The best part is, even flights to Mexico and Hawaii are included, although the discount is at a lower rate.
The offer is only valid on Alaska Airlines-operated non-stop flights, and can be booked as a one-way or round-trip. West Coast flights are discounted 30% (8,700 miles each way), flights to Mexico are discounted 25% (13,000 each way), and flights to Hawaii are discounted 20% (16,000 miles each way). Award tickets must be purchased between December 20, 2011 and January 10, 2012, and travel is valid between January 8 and March 7, 2012.
Seats appear to be limited, so book soon before they are all gone!