Post 63 sums it up pretty well.
Which is fine - that is the "practical" sense of the interpretation of the value of FF points.
The strict sense is that there is the points have no monetary value according to the T&Cs. If you were asked to tally up your assets for a means test or what not, you could state you have your house, your car, some jewellery, electronics, a boat perhaps, the huge cash at bank and stockholdings and so on. But you can have 20 million QFF points and that would count for naught.
Of course, if you were splitting up with your spouse, the court may take a different view when divvying up everything.
The fact that the T&Cs say there is no "tangible" or monetary value to the points doesn't mean that you can derive value from it, as you and
serfty have explained. Gift cards are somewhat similar - a $50 gift card is not really worth $50 until you use it to get something that you can redeem $50 against it; if it expires, it is actually worth nothing; certainly, you can't under almost any circumstances get $50 cash for your $50 gift card! Whether that kind of evidence is good enough to prove that there was a tangible theft is another thing and would need to be legally tested. And as it would seem, it would be something that is not yet enacted into law (at least explicitly) and hence would rely only on precedent for standing in successive cases.
It's certainly easier to get the police's attention if you say, "Someone stole $2000 from me," rather than, "Someone stole 300,000 QFF points worth about $2000 from me."