Join Date: May 2000
Location: Houston, TX, USA
Programs: UA 1K, AA Lifetime Platinum, DL Platinum, Honors Diamond, Bonvoy Titanium, Hertz Platinum
Posts: 7,970
As an upper bound, use 2.5 cents per point as a value. Personally, I think they're worth a lot less than this, but there should be no situation where anyone would value them more than this (that is, where they'd pay for something that they could otherwise get for free with MR points). The reason for this is simple: MR members can purchase up to a half-million points per year at 2.5 cents each.
On the low end, there are lots of MR gift certificate type of things where the value comes out to 1 cent per point and that can be used as a proxy for cash for things that you'd be buying anyway. So, I think a reasonable valuation is somwhere between 1 and 2.5 cents per point. The main deciding factor of where this value is for you I think would be what you value your miles in your most valuable MR-participating airline FF program.