I value points a bit lower than everyone else so far; about a 1/3 of cent or 0.033. I have been able to redeem points as high as 0.01 or 1 cent each, but the way I see it, I would have never paid $400 bucks a night for a room that cost 30,000 points...

IMHO most people overvalue their points/miles, and thus become to attached to them, and thus never use them. And the truth is that points/miles have no value until you actually use them.