I was looking at what I could redeem my Microsoft Rewards Points today when I discovered the offer of a 12 month subscription to Xbox Live Gold for 30,000/29,000 (depending on your rewards level):
The current exchange rate of Microsoft Rewards points is approximately 1000 per dollar. (This is based on the price of the $5 Amazon gift card, the closest option to "cash")
Based on this exchange rate, it puts the "real world" price of this 12 month Xbox Live Gold subscription at approximately $30. Looks like a slickdeal to me!