There are supposed to be four times more litecoins (84 million) than bitcoins (21 million) so with everything else being equal, Litecoin should cost 1/4 that of Bitcoin. But Litecoin is currently trading at about 10 dollars each while Bitcoin is trading at around 400-500 dollars each which makes it undervalued by a factor of 10.
Has it got something to do with the distribution curve (ie. more litecoins are produced in the first few years compared to Bitcoin)?
Namecoin has the same specs as bitcoin - 21 million coins. It is currently at $2.
Namecoin is undervalued!! With all things being equal, Namecoin should equal Bitcoin's price and be $450 right now.
/sarcasm.