I think the best way to evaluate the site's worth is put it up for auction. As someone here mentioned market value is a matter of supply and mostly demand. If you happen to find 2-3 interested parties that enter a bidding war, you could be in for a good price.
Please let me know if you do put it up for sale. My budget is limited, but hey, who knows??
BTW, regarding the formulas, I had an interesting coversation with a serious bricks and mortar business man, and he mentioned 7 times yearly profits as the general worth of a business. Profits and not revenue.
For mainstream sites it's usually 12-18 times monthly profit (again profit, and not revenue). But most people auction the sites and prices can get higher, or stay lower.
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