When they're in my account, I consider the points worth about 1.75 cents each based on domestic F fares and a few last minute economy tickets I've used them on. But saver business class fares, if successfully found like I did for Asia in April, boosted that value considerably. I spent 130k miles (+$40 in r/t taxes and fees) for what would have been $4500 in flights, or 3.45 cents each.