This practice of mileage running has made the news, check out this article:
Mileage Runners
People who do mileage runs are usually focused on earning the sort of upgrades and services that are normally on tickets that can cost well over $10,000 each. Upgrades to First Class, Lounge Access, legendary customer service! Personally, I don't really do mileage runs, because I get more than enough miles from all the bonuses that go around. Even still, I stretch my miles by flying coach a lot and taking advantage of transfer bonuses, so I don't really need to earn more miles with this method. However, should I desire to start earning those sort of upgrades, mileage running is the best way to do it. Everyone has different levels of obsession with this hobby!
-Jason of TWiBT
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