I'm going to have to side with holtju2's definition of value here. The value (maybe a better word would be "worth") to YOU is what YOU are willing to pay for it. If you wouldn't pay $2000 for that free plasma TV coupon, then the coupon is not worth $2000 to you. Similarly, if you wouldn't pay $501 for that free plasma coupon, then the coupon is not worth $501 to you. It is only worth $500 to YOU becuase that is all you would pay for it. It may be worth $2000 to somebody else, likewise it may be worth $3999 to somebody at the store about to buy it for $4000.

I've seen as high as 3 to 3.5 cents per point mentioned here. If you are willing to pay $500 out of your own pocket for a Cat. 4 hotel in the first place, then this is a reasonable value for YOU. If not, then this valuation is too high. Similarly, if you are willing to pay $175 out of your own pocket for a Cat. 1 hotel in the first place, then this is a reasonable value for YOU. I would not pay these prices out of my pocket except for a rare special occasion, so I do not value points so highly. Also note that you must take into account GP points, stay credit, and G1/G2/G3 and other promotional bonuses forfeited by using GP points. Likewise you also must take into account for taxes not paid during an award stay that you would pay during a paid stay.

So in summary, I believe the worth of a GP point is different for each person. And for me it is about 1.4 cents per point currently. And FYI, I think the 2 Superbowl nights are definitely worth both $600 as well as 16K points to stay in the same hotel at the same time as one of the Superbowl teams!