Cash for Etihad Guest Miles
Etihad Guest members can now convert their hard earned miles into cold hard cash thanks to the PointsPay system developed by Swiss company LoyLogic. So if redeeming a flight is not feasible or if members simply want to use their miles on merchandise they now have full flexibility to do so.

Etihad is currently the only frequent flyer program that offers this possibility, but it seems that air berlin's program topbonus may soon jump on board as well. German news magazine FOCUS recently published an article on the subject:

Etihad Guest Integrates Seychelles Plus
Etihad Guest is integrating Seychelles Plus, Air Seychelles' frequent flyer program. This means that members of Seychelles Plus are becoming Etihad Plus members and will now be able to redeem flights on the entire partner network. The change is effective June 16, 2012. has made the necessary adjustments to the calculator to reflect this change.

Link to Air Seychelles site:

Redemption rates from Abu Dhabi to Mahe (Seychelles).