I think many ppl get carried away when they try to base the value of the points using the highest published rates. I think basing the value of MR points off the rack rates is not a good approach, because almost NOBODY pays those rates. Everyone has some sort of discount code AAA, AARP, Government, Corp, etc. My approach is to use Priceline rates for determining the value of points.

For example, I booked 2 nights at RI in Chicago through priceline. Rack rate - $179/night, rate paid - $50/night. It is a CAT 4 requiring 28,000 points for two nights, which in reallity cost $100. What is the value of points in this example? ~0.36 cents a point.