re: "Real" value of a Roth IRA

The "flexibility" is an important factor. Once you have paid your taxes (Roth), you have greater ability to access the fund. If you needed money from a standard 401k, you would have penalty concerns.

Generally most people retire at a higher income tax bracket. It is best to use the standard 401k to receive co. match. Then if you're near a rate level adjustment, push to keep below the next rate. If you can't shelter at a lower rate, Roth is a great place to go.