Science instruction literature provides us with goals for laboratory instruction and guidelines for designing and implementing science labs in the post-secondary setting. How well are we doing in our attempt to provide a meaningful and positive learning experience for our students? This paper describes the results of a study to determine whether students view the lab component of second-year physics courses at a mid-sized Canadian University as a valuable learning experience. The results of a survey, administered over six semesters and completed by 168 students, indicate that students do acknowledge the value of labs. The results also identify the factors that influence the students' perceptions of value in physics labs. This paper discusses the four factors found to have the greatest influence on students' perceptions of the value of labs: (1) the pressure to complete an experiment within the allotted time, (2) the information provided on the lab instruction sheets, (3) the help provided by lab staff and graduate teaching assistants, and (4) the students' level of preparedness. (Contains 3 notes and 5 tables.)