Can you define what valuable means?
For a website, it's really extremely simple.
Imagine that the website went down forever. Suppose the server was lifted and carried away by a tornado, the backup tape vault flooded in acid rainwater, the webmaster and all his heirs and associates massacred in a Luddite uprising.
Now: here's the question: WHAT REALLY GOT LOST FROM THE INTERNET?
What information can no longer be found online? What products or services can no longer be purchased, or will never again be available as reasonably priced?
THAT'S the value of the website.
Now, obviously, we're looking at "value" on a "truth or beauty" scale, not any scale an "MBA" would recognize. Perhaps less obviously, we're not looking at a linear scale at all--there are many different kinds of value.
Anyone who thinks of value as something that can fit on a linear scale (such as thinking about whether one site is "better" than another) will be utterly puzzled by the Open Directory Project.