Actually, that analysis is the closest one that I've seen to my calculations. Southwest vouchers trade hands at $260 consistently (buy or sell), and their RR voucher represents an unrestricted, full fare ticket. At least Yahoo comes out and admits it.

The massive restrictions on the other awards values a typical domestic award at about a penny, since you can buy the "equivalent class" for easily $260 or less. I haven't paid more than $225 for a RT leisure fare on the "little 6" since September 11. Sure, you can value the awards for international trips at more than a penny, but again, you have to plan these way in advance. I can get great fares if I have a one-year window as well...

However, I'd value the Marriott and HHonors points at about a half-cent from some recent stays. At least 10 cents of that is the value of avoiding local tourist-gouge taxes.