I peg mine around 0.7 -1 cent, but HOPE to get more.
However, I take an honest look at what I would pay for. Just because a hotel might cost $700 a night and I can redeem 35K points for said hotel doesn't mean I am getting 2 cents, as I would probably not have paid the $700 a night in the first place.
Look at New York Manhattan for example. The lowest standard price will soon be about 50K+ a night for a hotel. The most I would pay in cash would probably be in the $200-$300 range, so even at 1 cent, it is STILL TO MUCH! There are some non-Marriott hotels that cash would be a much better value.
Anyhow, with how fast and frequently Marriott points are diminishing, I would hate to be sitting on a mountain of points because I had over valued them at above 0.7 cents, and didn't redeem unless I was getting 2 cents worth, especially as I could see in a very near future we will be debating if they are even worth 1/2 a cent.