JetBlue Points have an average value of around 1.3 cents each when used for award flights on JetBlue or when booking JetBlue Vacations. You can also use your points to pay for award flights on Hawaiian Airlines. Lastly, you JetBlue Points can be transferred to other JetBlue TrueBlue Members or be transferred to other reward programs via Points.com.
JetBlue Points Value Calculator
Use the JetBlue Points Value Calculator to calculate the average cash value of JetBlue Points based on redemption. Average values (denoted by '~') are based on how much The Point Calculator values that redemption after some research and number crunching. You can put any value in the field below.
Award Flights On JetBlue
When redeeming JetBlue Points for award flights, they tend to have an average value of around 1.3 cents each. Occasionally you can get a higher value with a little bit of determination and research.
When you searching flights for JetBlue, you're easily able to toggle between TrueBlue Points and Dollars using the Filter Results at the top of the screen.

Since you can toggle back and forth, you can find good value in flights by viewing the cost in points and the cost in cash. You can then run the calculations and find the best value within your listed options. For example, look at the costs for a flight from Detroit, MI to Tampa, FL listed below.


Running a few calculations shows that these flights will give my JetBlue Points between 1.41 and 1.49 cents in value. That's higher than the average I peg them at, so this would qualify as great redemptions for myself. If you're trying to price out a bunch of flights, you can use the Points & Miles Cash Value Calculator. Plug in the values and the calculator will tell you the value of the redemption.

JetBlue Flight+Hotel
JetBlue allows you to book Flights+Hotel packages with your JetBlue TrueBlue Points. This is possible with either Points+Cash or all cash. There's no option to book the entire package with all JetBlue Points.

When using the Flight+Hotel portal, I notice that some of the redemption values listed I could not obtain when booking just the flight. For example, a flight package consisting of the DoubleTree Suites by Hilton Tampa Bay would cost me 13,400 points plus $156.83 avg/person. When searching JetBlue for the same flight, the cost was 19,800 points.

When looking at the hotel, JetBlue has it at $156.83 per person (I had a 2 person reservation) which means the room would cost $313.66 per night. Looking at the advance purchase rate on the Hilton website, it comes out to be $287.51 if you don't have elite status with Hilton.
The highest per night rate for the same room is $319 which is the flexible rate that allows you to chance or cancel your Hilton room up to 2 days before you stay at no expense. So you'll end up dishing out a few more bucks versus booking direct with Hilton which is usually the better route if you're trying to earn Hilton Honors Points. The flight+hotel option is definitely worth looking at if you're planning a trip and have some JetBlue Points to spend.
JetBlue Vacations
TrueBlue Points are worth a little over 1.3 cents each when used for JetBlue Vacations. JetBlue Vacations lets you use a combination of Cash + TrueBlue Points to book a vacation package that consist of the flight and hotel. You can then add on rental cars as well as tours and activities to book everything together. The benefit of this is that you will earn 6 TrueBlue Points per $1 spent on airfare and one TrueBlue Point per $1 on accommodations and car rentals.

Hawaiian Airlines Flights
TrueBlue Points can be earned and redeemed on Hawaiian Airlines flights. When redeeming them on Hawaiian Airline flights, you will have to call 1-800-JETBLUE. Based on your location, this can land you some solid deals when planning a trip to Hawaii or a few other destinations. Check out the Hawaiian Airlines Route Map to see where your points can take you on their airline.

Points Pooling
JetBlue TrueBlue Members can pool points together. Up to 7 friends and family members can combine points to earn awards faster. Points will be pooled into a Points Pooling account and each transaction/transfer to the pool will have zero transfer fees.

You'll need to have a minimum of two people in order to have a Points Pooling account. There will be one Pool Leader and that leader can nominate othe rmembers of the pool to redeem points. You can contribute up to 100% of your points to the pool. You can sign up using JetBlue's Start A Pool link.
Summary
You can get some solid value out of JetBlue Points when you redeem them for flights as well as JetBlue Vacation packages. They can also be pretty useful for those looking to fly on Hawaiian Airlines especially for those looking to jump island to island.
If you're looking for more ways to build your JetBlue Points, I recommend checking out JetBlue's Travel Partners listed on our JetBlue hub page. With JetBlue's partners you can earn points on car rentals, online shopping, and flying several other airlines. If you want even more JetBlue Points, you should check out JetBlue's Transfer Partners. You can use credit cards from AMEX, Chase, and Citi to easily grab up to tens of thousands of points through sign up bonuses and everyday spend.