I value my miles as per what i would have paid and Not what CO wants for a tkt. CO wants $3500 now for a EWR-TLV in BF, no way will pay that when I can get a coach tkt for $865-1132. So to ME the 200K is worth only either $865 or 1132 at most, which is what I would pay for the coach seat. Actually less as I still have a few DBV at $500 a pop. So my last tkt cost me $632 it would have been $3000 for BF.
If CO charged $10,000 for the BF but all I was willing to pay was the $865 in coach then to me its worth 865 and not 10K, since I would never would have paid that 10k or whatever for BF. Others will see it as saving 10k even though they would never have purchased such a tkt.

same with hotel nights. If I would have spent $100 a night for say a Hilton but instead use points and stay in a *Wood hotel that was charging $300 anight. I see I saved $100 and not what SPG was charging as I never would have paid what SPG wanted to begin with.
Lets just say its 6 of 1 and 1/2 dz to someone else.