There have been a couple of reasonable ways to arrive at FMV offered. Here is one to think about.

You can join Admiral's club for either $450 per year or 100,000 miles if you have no status. If you have status, the cost is somewhat less in both dollars and miles. But the point is, to a reasoable flyer, is this not saying $450 and 100K miles have the same value because they can buy the same thing?

Think about it.