Let me see what my experience shows:
*Stayed in Paris for 40000 Marriott Points at the Marriott Champs Elysee. It would have cost around $600 after the Euro conversion. Hence 1.5 cent.
* Stayed in Venice at the Hilton Venice for 50000 HHPoints, it would have cost $500 for the same hence 1c redemption value.
* Stayed at the JW Marriott in Mumbai India for 25000 Marriott Points, otherwise would have cost $330 or 1.3 cent. Btw, I have the Marriott Card and the annual category-5 cert is good towards most of the JWs in Asia
* Edit: Just checked the Venice Hotel if I had to stay in April there, cost $630 per room and else 50K points, so Hilton is 1.26 right now, not bad at all!

Hence I would say in my experience it is from 1 cent (Hilton) to (1.3-1.5) cent Marriott for me. I did not know about the Marriott Vacation Package, so now that I know I will build points towards that!

Cheers,Ash