I have the Palmer House booked for 2 nights in October for 120K points total. Rechecked this morning at 114K or $530 ($0.0046/point) Using the slider, it is pretty much a straight line proportionally replacing points with money.
Same with a Phoenix reservation next month at $0.0085/point. ($342/40K per night)
If you check a reservation with a 5th night free in there, your cost per point goes way up out of proportion.