I'd like to thank everyone for their suggestions and explanations thus far.
For the people who are saying "value theory has some utility, as it demonstrates the basic concept of exploitation, but you shouldn't be trying to match up SNLT and phenomenal prices in this way," are you saying "SNLT only corresponds to prices under highly idealized and unrealistic, albeit illustrative conditions (intertemporal equilibrium with no barriers to entry or unexpected shocks, &c.)" (which is what seems to my untrained mind what Marx is saying, and which I take to be the position of the defenders of Marxian economics as such here) or "value theory is just a sort of moral fable that tells you workers are getting it raw, but it won't help you do positive analysis of the real world?"
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SNLT corresponds to price when supply and and demand are in equillibrium. When demand is high and supply is low, you get higher and higher prices until you get what is known today as a 'bubble'. The $9 trillion housing bubble is still deflating to more closely adhere to value.
Mike B)
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