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In this paper, a general value of information (VoI) framework is formalised for latent variable models. In particular, the mutual information between the current status at the source node and the observed noisy measurements at the destination node is used to evaluate the information value, which gives the theoretical interpretation of the reduction in uncertainty in the current status given that we have measurements of the latent process. Moreover, the VoI expression for a hidden Markov model is obtained in this setting. Numerical results are provided to show the relationship between the VoI and the traditional age of information (AoI) metric, and the VoI of Markov and hidden Markov models are analysed for the particular case when the latent process is an Ornstein-Uhlenbeck process. While the contributions of this work are theoretical, the proposed VoI framework is general and useful in designing wireless systems that support timely, but noisy, status updates in the physical world.