This case study investigated learners' perceptions of value from participating in a learning activity designed to model professional instructional design practice. Learners developed instructional design products for a corporate client in the context of a classroom-based course. The findings indicate that learners perceived different kinds of value which varied according to the degree of integration of learners' goals with client's goals, ranging from (a) "co-constituted value" (in which learners perceived the value of their participation as being inextricably bound to creation of value to the client) to (b) "satisficing value" (in which learners engaged with the activity so as to generate value for themselves while providing sufficient or "good enough" value to the client) to (c) "salvage value" (in which learners did not participate in the activity in the manner intended, but attempted to salvage some personal value from their participation). A framework relates these learners' perceptions of value to three main features of such learning activities: "what you do, how you do it", and "who you are accountable to". The relative worth of these different kinds of value is discussed, and proposals for influencing learner perceptions of value are presented.