Dan did the math on the March 27th post when SW was offering the 50,000 non-targeted offer
http://www.dansdeals.com/archives/28880"For a limited time you can get 50,000 points when you spend $2,000 within 3 months of getting the card. They’re marketing this as 2 roundtrip flights but in fact it is enough for about $950 of free flying on Southwest, so you can stretch out those points for as many as 15 free flights with Southwest’s low prices."
"With Southwest’s Rapid Rewards “2.0″ program you can redeem points for any seat on any flight. For the regular “wanna get away” fare it costs 60 points for each dollar of airfare. In practical terms this means for example:
A one-way Cleveland-Baltimore flight on 03/12 is $68.90 with tax.
It can also be bought for 3,480 points plus $2.50 tax.
So 3,480 points gets you a value of $66.40 ($68.90 airfare less the $2.50 tax required on the points ticket)
So each point is worth 1.9 cents (66.40/3,480), valid for redemption on all flights.
The value per point will depend on your route, but points always seem to be worth more than 1.8 cents each."....