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Up until now, the lowest amount of points you could redeem for a free JetBlue flight (one-way) was 5,000 points. Starting a few days ago, that has been reduced to 3,500 points each way, which is great! The amount of points required for a free flight depends on the price of the flight, although there is no fixed point per cent value. Typically, you can get anywhere from 1 to 1.9 cents per point (with the average being around 1.5 cents/point). This news means that a super cheap fare will drop from 1,500 points for a free flight giving you a higher redemption value.
If you want to read up more on what a JetBlue point is actually worth, I suggest looking at the Wandering Aramean blog as he has done some detailed analysis on this.
And remember, until Monday, September 15, you can earn a 25% bonus by transferring your American Express Membership Reward points to JetBlue.