We highlight some of the challenges in valuing flexibility and investment decisions in Software Product Line Architectures (SPLA). We explain the limitations of traditional approaches, which fail to address uncertainty, while valuing flexibility in SPLA. We motivate the use of Real Options to address these limitations. We suggest a multi-perspectives valuation approach for valuing flexibility in SPLA and report on its formulation using some examples. Keywords. Economics-Driven Software Engineering, Software Product Line Architectures, Real Options Theory.