Chuval bagfaces (or even whole bags) are often used as floor rugs in the West, they are as sturdy as any rug when they are in good condition (much sturdier than, say, antique Turkish Kilims, which were made for floor use).
As to the value, you could ask the people at the Turkotek forum (www.turkotek.com), since old chuvals are often collectors items, so it may depend on factors of rarity which I'm not familiar with.
My guess would be 200-300 dollars, assuming it's early 20th century, but I'm really no expert (despite what bukhara kindly says: I haven't handled hundreds of these pieces myself, as some people on the Turkotek forum have).
It could be repaired and still be used on the floor, but note that collectors of tribal pieces (as in non-commercially produced rugs made by members of certain ethnic groups) often prefer them "as is" rather than repaired.
