Yes, value is the key. As an example, this expression will cause a layer to orbit its keyframed position:
r = 50; //radius (in pixels)
f = 1; //orbits per second
angle = time*Math.PI*2*f;
value + [Math.sin(angle)*r, -Math.cos(angle)*r]
The important point is that whatever you add to value needs to be a 2-dimensional quantity. Normally it will be in the form
value + [a,b]
where ‘a’ will get added to the layer’s x position and ‘b’ will get added to the layer’s y position.
Hope that helps.
Dan