Points valuation is very dependent on each person's needs, desires, situation, etc.

With that said, I have a trip coming up where I'm using 340K points for stay that would cost me about $4200. And I'm more than happy with that as I would never actually spend that money if it were coming out of my pocket.

Personally, I focus less on the actual pt/$ valuations and look more at what I'm getting for my points. I have an Aruba trip scheduled that I wouldn't go if I had to pay out of pocket for everything. Of course, someone else might say for those same points could be used for two different trips somewhere else. And they would be correct. So it is just what you want to use your points for. I'd rather use them for trips I'd never be able to take otherwise.