I would say charge at about .005 per point.
I would charge .0025 per point if I was splitting.
Thats me anyway.
Also I agree with the original poster. I live in hotels on my own dime, so when I book a room and pay I figure the points I will get into the cost. Therefore I look at 40000 MR pts as 5 nights I don't have to pay out of pocket, and the cheapest hotel I can usually find is maybe $50/night.

Same goes for if I book a room with a friend and I will be receiving points I deduct it off there half so it is a 2 way street.