| It is NOT that simple.
It depends on your tax bracket and whether you qualify for the Child Tax Credit and/or the Earned Income Credit.
Each Exemption is worth $3,400 in tax deductions.
For someone in the 10% tax bracket, that means an increase of $340 in the tax refund, but such a person would also qualify for the $1,000 Child Tax Credit AND the Earned income Credit.
But if the child turned 17 in 2007, then the Child Tax Credit does NOT apply.
For someone in the 25% tax bracket, the $3,400 exemption reduces their taxes by $850, but they may make too much money to qualify for the Child Tax Credit. They DEFINITELY make too much money for the Earned Income Credit. | 
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