I keep two columns in the spreadsheet- retail value and my value. A first class seat has a high retail value even though I may only put a small premium on it as compared with economy.

Also, some of the value- free baggage due to an affiliate card, free internet due to hotel status- seems false to me. I mean, sure the staus really does save money so I guess I should see value in it. But, it is only valuable because the airline, or hotel changed policy to create perceived value to elite status and co-branded cards.