How much is my startup worth?

[beachgeek]

My co-founder and I have been working on this self-funded project for a while now (couple of years, 4 iterations etc) We're getting decent traction on our fourth iteration.

In order to get to the next level, i.e. scalable monetization, we will need to raise some money. Both of us want to eschew the traditional Silicon Valley VC/angel route.

I have non-Silicon Valley angels lined up, but was curious as to how to value our startup.

Do I go by # of registered users and assign a $ figure to them?

Number of blog/press articles published about us?

# of curious visitors?