I assign $100 per 10,000 points, so I guess my fuzzy math makes that 1 cents/point.
Based on that, you can see that most of the merchandise is way overpriced. But if you earned the points on a company expense account, it's all free money anyway, right?
The gift cards aren't such bad value, and are always nice to give people as a nice present. Some of the hotel awards are good, too, if the value is right.
If something's 30,000 points and I could get it for $200, then I save the points for something else. Transferring to an airline and redeeming Biz/First class intl. award tickets is a good way to get a lot of value.