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Never been updated!
[url]http://www.tf2outpost.com/trade/13114190[/url] Buy-out: three. Offered a magically coloured (Level 83) Max. The paint's worth eighteen keys so I'm calling that a Max and nine keys, or 2.4.
[url]http://www.tf2outpost.com/trade/13374979[/url] Not much information available here, but it led me to this other trade. [url]http://www.tf2outpost.com/trade/13039774[/url] Here it was offered a Searing Spartan, which I'm currently updating but am certain is an easy two buds (please see that suggestion if you have doubts).
[url]http://www.tf2outpost.com/trade/12000989[/url] Buy-out: Five buds (because it has magical paint that's worth a Bill's Hat when unused). Offered a Headcase, which is about 2.5. Also offered: "Bubbling Large Luchadore + G.E Football" (about one bud plus 1.2 = 2.2), but that was retracted. "2 pure" and "Teamm(sic) spirit max's head level 55 (meaning not 1 or 7)"
[url]http://www.tf2outpost.com/trade/5589731[/url] Offered a Logo Tossle, which is two after over-pay.
Sales are extremely difficult to find but here's what I could find:
[url]http://www.tf2outpost.com/trade/11044307[/url] They actually based this trade on the suggested values here, with a GE Bucket. Roughly with it as an over-paying offer, it sounds like it was sold for about 2.5 (of course that's a rough estimate).
[url]http://www.tf2outpost.com/trade/10767765[/url] (The most recent pure sale, which was in May.) It had an offer of three buds and three buds + a Bill's Hat, which seems to be what it actually sold for. The buyer's the one who then swapped it with the GE Bucket. I therefore call him a bit of an outlier, especially since that trade's a few months old but mostly because he threw away 3.3 in pure to end up with what he calls 2-2.2 (backpack.tf GE Bucket) plus, at most, twelve keys.
Unfortunately there are no other pure sales to look at. Earbuds were twenty-two keys then so it's consistent with their value now. He threw away more than a bud.
Finally, I don't know the details at all (they aren't public) but one ([url]http://www.tf2outpost.com/trade/13374979[/url]) went for a trade involving a Flies Stash ([url]http://www.tf2outpost.com/trade/13342723[/url]). The Stash had a buy-out of three before the trade. [url]http://www.tf2outpost.com/trade/13266753[/url] It then had a buy-out of 2.8. [url]http://www.tf2outpost.com/trade/13342723[/url]
What's the Stash worth? Somewhere from 2.2 to 3 ([url]http://www.tf2outpost.com/trade/13196258[/url]). At least a Peace Tyrant and 12 keys, or about 2.2 again ([url]http://www.tf2outpost.com/trade/12081550[/url]), but not more than 2.5 ([url]http://www.tf2outpost.com/trade/12266696[/url]). Roughly from that, the Stash is worth about 2.2-2.5 (please feel free to update it; I've spent hours here already tonight).
My values: 2.2 is from the regular Max and 2.5 is from the Headcase and the magical Max. Aside from the sale of 3.3 to the person who then sold for about a bud less, the other sales seemingly fall between 2.2 and 2.5.
Notice: This is an update mostly so that this hat's not completely un-updated. Sales are rare. That means that there aren't many. I'm happy to argue my suggested value if you disagree but before you do, please have ready counter-evidence.