To get even more "meta" : ask yourself why anything has value.
Tools, like hammers or cars or pants, have value mostly because they're useful and it takes effort to create them.
Some things have value because they're beautiful or rare.
Bitcoins have value because they are useful and rare. As more and more people use them, they're useful for more and more things-- so their value will increase. A lot of the current value of bitcoin is people who realize this and are trying to 'buy in early' -- they think that bitcoin will be used for more trading next year, so the value will be higher, so they want to get some now before the price rises.
I have no idea what the "right" value for bitcoin is, but I am very encouraged by all of the fantastic, innovative ways people are using bitcoin. I expect most of those experiments will fail, and I hope that everybody realizes that there will be lots of failures along the way to what I hope will be a huge success.