Yeah, I thought so as well.
It's even got me thinking that later in the year I might find a use for the PRG after all...
To me, the best part is there's no risk - if there's a problem (i.e. the loophole is closed) you just have an Amazon gift card, which is as good as cash to me anyway.
I've never read of somebody using the trick for Venture, though (not yet...), since general travel expenses are much easier to come up with than airline specific expenses. Speaking only for myself, I could easily come up with legit travel charges to 'erase' with Venture miles, but the airline GCs that so many people get with their PRG would be of little value to me (I've not flown in nine years).
The United app definitely gives me something to think about... 
@Anonymous wrote:
You can use your miles for full value (1 mile= 1 cent) for gift cards to just about any major place. Amazon, Wal Mart, Exxon, Shell, Nike, AutoZone, Barnes and Noble, Best Buy, Bed/Bath, Macy's, Kohl's, CVS, Dominos, HD/Lowe's, Kmart/Sears, Applebee's, Olive Garden, California Pizza, Outback, Panera, Starbucks, Target just to name a few.
And for some reason, the Venture One (not Venture) has a special offer for hotel gift cards. You can get $900 gift cards to either Marriot, Fairmont, Mandarin Oriental or Ritz Carlton for just 64,250 ($642.50) miles.
Thanks for the clarification on redeeming for gift cards... that's actually awesome. For me, Amazon and Wal-Mart gift cards are as good as cash, so there would never be an issue for me taking redemptions in that manner.
This makes taking Venture for a test run even more enticing... LOL. 
As a side-note, the offer for the Venture One is interesting as well, and could be quite lucrative for the right person and the right circumstances. I can see it working out especially well if someone were to start with Venture then PC to Venture One (which normally wouldn't be a good idea, but $250+ savings on one trip due to the special offer might be worth it.)