I agree with LowFlyOver, earn 'em and burn 'em.

I travel enough so that I have plenty of miles for "emergencies", or for situations when I need/want to go somewhere and the cost of the last minute ticket makes it hard to rationalize the ticket. On the flipside it is also hard to rationalize paying, for say a $100 Holiday Inn room somewhere when you can get the room for 10,000 points and you have enough points to get any award they offer, and you generate a lot of points every year. There are a lot more things I can do with $100 cash in my pocket vs 10,000 hotel points.

I also use points for magazines, which some people think is insane. However it seems very rational to use 1,000 points or miles for a subscription that you want and the lowest cost you have found for the magazine is $50. When you realize you will get twice those numbers of points on your next round trip ticket it really doesn't take to much thinking.

Like money, the more points/miles, you have coupled with the more you earn every year tends to make you value them less than the person who might have less. A higher level elite flyer isn't going to value an upgrade award as high as someone who travels infrequently and received most of their points through a credit card.

There are too many variables and the perceived value of the points/miles by people to have a concrete value structure. It isn't money, and although unlikely the programs could go away. Also like money, the points don't have any real value to you until you use them.