Flopped set, Right play?

[usmfan]

Empire 1500 Guaranteed, $25 entry with R&A

Hero (t3470)
MP2 (t625)
MP3 (t3305)
CO (t2860)
Button (t510)
SB (t4128)
BB (t4410)
UTG (t4467)
UTG+1 (t5725)

Preflop: Hero is MP1 with 4[img]/images/graemlins/club.gif[/img], 4[img]/images/graemlins/diamond.gif[/img].
<font color="#666666">2 folds</font>, Hero calls t50, MP2 calls t50, MP3 calls t50, <font color="#666666">1 fold</font>, Button calls t50, SB completes, BB checks.

Flop: (t300) 4[img]/images/graemlins/heart.gif[/img], Q[img]/images/graemlins/club.gif[/img], 7[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(6 players)</font>
SB checks, <font color="#CC3333">BB bets t50</font>, <font color="#CC3333">Hero raises to t200</font>, MP2 folds, MP3 calls t200, Button folds, SB folds, BB calls t150.

Turn: (t900) A[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(3 players)</font>
<font color="#CC3333">BB bets t50</font>, <font color="#CC3333">Hero raises to t700</font>, MP3 folds, BB calls t650.

River: (t2300) 7[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(2 players)</font> <font color="#CC3333">Hero bets t1000</font>

Is there any point to betting here? Is this a good value bet on the river?