Currently it is not even worth the same as a Masters 1000 in points (it is 750 points to the winner). Given that since Nadal (but not before) won in 2008, its status in people's eyes has grown. What do you think its value should be at the top end, if its points allocation increase?
My view is that it should not ever exceed 1250 points. That would put it behind the slams and the WTF but higher than a Master 1000. 1250 points seems about right to me as a maximum. No way should it ever be rated higher than the WTF. Lots of reasons for this:
1/ Can't rate higher because it would wipe out over 40 years of tradition of the WTF being the most important event outside the Slams.
2/ It doesn't deserve it. At the WTF you have to play the deepest field in tennis (even harder in some ways than the slams), whereas to win Gold you are only facing top players probably from the semi's on.
So I am happy with the 750 points it is now. As a purely tennis achievement it doesn't match even a Masters 1000 in terms of field depth. But if you give it more points due to status - please don't ever let it get higher than 1250 (with the Slams being 2000 and the WTF being 1500).
1--
Even tradition itself can evolve. Just look at the slams themselves. Before the open era, the slams were considered amateur tournaments, and the pros had their own tournaments.
When the high-profile nature of the slams was realized, they were converted to open tournaments, allowing the pros to compete there.
With the Olympics, we have something very similar taking place.
Already in 2008 Beijing, the rivalry between tennis greats such as Federer, Djokovic, and Nadal was tested for the entire world to see. Nadal and Djokovic met in the semifinals for the opportunity to play for a gold medal. Unfortunately for Federer, he was not able to reach that stage, even though he tried his best.
Now, in the 2012 London olympics, several high-profile tennis players are acting as flag-bearers for their countries (Sharapova, Nadal, Djokovic, Federer). This trend shows that tennis is now being regarded highly in the Olympics. Likewise, by endorsing the Olypmics in bearing the flag, the players are acknowledging the importance of the event, and will do everything in their means to win their events.
2--
Only top players from the semis on? Isn't that the same as it is in the slams themselves? Naturally, the lower half of the draw that wouldn't be inlcuded in the Olympics, would get elimated anyway.
It's a compromise meant to save total time required to run the tournament, but it doesn't lose much in terms of determining who is the best. The fact remains that the top 4, top 8, and even top 16 players are in the draw, and that's really all that matters...
On the other hand, the level of recognition of the Olympic matches and television coverage give them far more public impact than any Masters or WTF tournament. These televised matches are what the masses remember, and it's a modern phenomenon that is aided by the mass media coverage of the Olympics, that propels it to the top, even for tennis.