Personally I think that the "value" of points is basically an illusion. Unless you DEFINATELY have a future use for the points then they are worth whatever you can avoid spending.

I'm using 280,000 points later this summer instead of paying $1300 for a room for a vacation (14 nights level 2). Now I'm sure that someone will calculate that I'm not getting enough "value"....but the bottom line is that I'm going to that hotel and I can either use digital points that only exist on the Hilton website or I can spend my money - to me thats an easy decision. The only reason to not do that would be if I knew that I also was going to XYZ in say October and instead would book the hotel room with those same points (fortunately for myself I have more points so it doesn't apply in this situation).

Personally I think too many people get caught up in "valuing" their points - to me its simple - digital points or cash out of pocket. Can't use Hilton points to pay the doctor, pay for gas, groceries, buy clothes, etc.