Yesterday, I booked an Award Flight on United Airlines for my brother.  The current price for the desired itinerary was $1168, but I booked it for 60,000 miles + $57 in taxes and fees.  This transaction values the miles at ($1168 - $57) / 60,000 miles = 1.85 cents per mile, which exceeds widely accepted valuations of a MileagePlus mile!