Just to add my two cents. When I start to go down someone else's rabbit hole of thought about value, and peering, this is what I come back to.
I feel that everyone's traffic should be valued equally. My 1 Meg should be of no different value than someone else's No traffic direction should be more important than another. Remember the most common methods of communication on this exchange are a 2 way conversation. A server typically does not send traffic unless a client requests it. I want everyone to pay a fair price for what they are getting. This also discourages wasting of resources since it makes it much less likely to go for a 10G port out of convenience when peak traffic will be around 100M, and 1G port is much more affordable, and a better fit. Almost no one expects to get anything for free, that goes beyond the realm of nonprofit, and into charity.
If you agree with these or not, you can look at the opposite to see what happens. Carriers that value their bandwidth different than others, typically do not peer on exchanges like MICE. They like to make money on both ends of the pipe, which usually leads to private peering disputes/de-peering, and allowing links to saturate in an attempt to prove a point. We all know who these carriers are, and their mindset does not match what I believe a cooperative exchange is all about. I have made a conscious effort to limit how much transit I buy from companies like these, and when the sales people call, my answer is usually along the lines of talk to me when you change your peering policies.
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