What is a Velocity "Any Seat Reward" redemption?

When looking at points for redeeming a seat there are three listings of fares for Virgin.
There is Economy Reward, Business Reward and there is also an “Any Seat Reward” priced between the two.

What is an “Any Seat Reward”?

In my own layman’s terms:

Under this “Any Seat Reward”, VFF gives a really low pre-determined value for each velocity points. Maybe 0.65 cent per point (I don’t know exactly).

So if your air fare cost $3000, you may be paying 461,539 points ($3000 divide 0.65 cent per point).

With any seat reward, you don’t have to worry about award availability, only normal seat availabilities. If there is still a seat bookable with cash, you can pay points through the nose to secure Any Seat Reward.

If you are earning free points faster than you can burn and you have to be on a certain flight on a certain date, its a good way to avoid paying cash. But if you are like me, trying to squirrel each point away, just stick to Business Reward.