There are a lot of similar questions in other threads: what's a pt worth, cheapest rates, best FFN properties, etc. My opinion, FFN (or free nights or miles/pts in general), vary in value according to the individual and circumstances -- what can/would you use it for, in reality? For instance, for this FFN, I know free nights must be used by end Mar'10, and I have an idea of how many (hopefully) and where I'll use them. I pick an approx. date range, and get an average of the lowest paid rate for the room type I'd accept at my destination. This is how much I'm "saving" with an FFN (that's my value). I can then judge whether an earning stay is worth jumping on as an MR or optional stay. (Of course, if I'm staying for business or other reasons, the rate doesn't matter in relation to FFN value -- I have to stay anyway, and FFNs are the reward for choosing Hyatt over other brands.) I know there're lots more expensive Hyatts to use FFNs, but I'm not going to be staying at them, so it's useless for me to use them as a value guide.

Same process for pts/miles: what am I earning/saving them for?, what's the cheapest cost if I had to pay for that?, therefore that's what they're worth to me. After all, you could have a zillion pts/miles, theoretically worth a fortune for someone at expensive Hyatts or airline tix, but if you never use 'em for that before you die or they expire, they're really worth zero. Value to you is what you really (are going to) use them for, not what you wish you could use them for (but don't). Let that determine how much you want to pay.

(And yeah, I'd jump at that rate...but that's in my value range. )
(And, an FFN = 5,000-18,000 GP pts, depending on where you'd stay...but unlike GP pts, FFNs expire.)