There happens to be an excellent sticky thread in this Forum entitled Making sense of Hilton reward options -- AXON, GLON, and everything else at the very top of the page. I think that will give you a scope on what you are asking. (N.B. I corrected the link - I plead guilty to caffeine-deficiency!) - to beltway's excellent recommendation.)^

The value will vary - some might spend a lot of points in a select Hawaiian resort, others might just want to dawdle in a number of Hampton Inns... it's all subjective and relative.

In my and my spouse's case, we currently have about 1.7 million points (Mutual Fund Account) and use them for high cost properties (Conrad Tokyo, Hilton Arc de Triomphe, etc. with an average price of >$600 a night), and as gifts - some friends who celebrated their 64th or so anniversary in an Embassy Suites in Calif wine country, for example. But that's our predilection and others might argue (well, let 'em try, this is what is right for us.)