Both Delta and Northwest are offering a 25% discount on international premium awards booked by April 20 for travel through June 15. I’m seeing plenty of international business class award availability, even at the lowest level. With this offer, for example, you can use your Delta miles to fly from the US to Europe for a mere 75,000 miles in business class, which is an incredible bargain! The Delta promotion can be found here and the Northwest promotion can be found here.
(Tip of the hat to View from the Wing)