Value bet or not?

From Wikipedia
"For example, in a game of Texas hold'em, a player has 8♣ 6♠ with a flop of 9♥ 7♦ 2♣, The player has an open-ended straight draw and so has 8 outs (four 10s and four 5s). With 47 unknown cards, the player will make the straight approximately 1 time for every 5 times he doesn't, thus a bet is profitable if 6 or more of his opponents will call the bet (he will win once (+6 bets) and lose 5 times (-5 bets), out of every 6 hands like this, resulting in an expectation of +1 bet). If he thinks that less than 6 opponents will call the bet, he would lose money and must simply call."

What are your thoughts on value betting in general? What about value betting on the river? Examples of situations welcomed.

value betting is good in certain situations! that was a pretty vauge example! value betting again is a situational tactic!

In your example it's not simply a matter of 6 people calling you to make it a good bet but also you have to factor in other times you make similar bets. Let's say you have an open ended straight draw 6 times after the flop in a ring game. It would be a value bet to bet each time with one caller each time. You also have to factor in the chance you will win the pot outright with your bet with all other players folding. This is also a good result. You can make a combination value/semibluff bet or raise in situations like this.