I found some data here,
http://basketballvalue.com/index.php
I processed it into win probability vs time remaining and score differential (for the home team). I put the results (for the 2007, 2008 and 2009 regular seasons) in a google doc,
https://docs.google.com/spreadsheet/ccc?key=0ArY9z_A556ebdG45UnJiY1RCTUNMREw4b2N3WDRfVmc#gid=0
at a fixed time remaining, the win probability as a function of score differential looks like an inverse logit,
p = 1/(1+exp(-a*(x-x0))
where x is score differential.
I fit this function at a bunch of different times, and this the result,
time a x0 a/4
1 1.6059 -0.1077 0.4015
11 1.2037 0.0632 0.3009
21 1.1551 0.0610 0.2888
31 1.0673 -0.0599 0.2668
41 0.9484 -0.0437 0.2371
51 0.8391 -0.0771 0.2098
61 0.7318 -0.0974 0.1830
71 0.6780 -0.1385 0.1695
81 0.6792 -0.1825 0.1698
91 0.6466 -0.2164 0.1616
200 0.4373 -0.3377 0.1093
400 0.2870 -0.5834 0.0717
600 0.2336 -0.7782 0.0584
800 0.2058 -0.9461 0.0514
1000 0.1829 -1.3920 0.0457
1200 0.1632 -1.6770 0.0408
1400 0.1443 -1.9970 0.0361
1600 0.1345 -2.2131 0.0336
1800 0.1206 -2.6325 0.0302
2000 0.1134 -2.9718 0.0284
2200 0.1168 -2.9663 0.0292
2400 0.1066 -3.5210 0.0267
2600 0.0953 -4.1950 0.0238
2800 0.0860 -4.7362 0.0215
2850 0.0890 -4.6178 0.0223
the last column is the derivative at x=x0, i.e. a/4, which is the win-probability value of a point, if it were independent of score differential.
so early in the game a point is worth ~0.025 win-probability, but is already starting to increase. by halftime it’s ~0.036, and it really starts to shoot up beginning at maybe the last 300s of the game or so.