You get 0.58p for hotel redemptions.
0.5p is the absolute floor because that is what all the avios.com non-flight redemptions (sports tickets, wine etc) price out at.
1p for RFS still seems very reasonable to me. RFS value has gone UP as well:
* off-peak European redemptions get cheaper
* if you book 2 x one-way the tax is usually lower than the RFS figure now that fuel surcharges have been scrapped (Dublin £25, Luxembourg sub-£20, Hamburg £33.50 etc)
Can you really buy tickets to, say, Hamburg (factoring in BA's free baggage and refreshments) at sensible times for less than the £115 that a 1p value would represent? (ie 8000 Avios @ 1p + £33.50)