I don't understand why everyone is so surprised that the HI points don't transfer one-for-one to airline FF programs. Hilton and Marriott points don't transfer one-for-one either.

If you are only looking for miles, I agree there are a number of better alternatives. But the HI VISA card is excellent to earn points for free stays at HI. For one thing, there is no annual fee. You also get the bonus points for signing up. And it's a VISA card, so I can (and do) use it when AMEX is not an option. Can someone identify a better fee-free VISA/Mastercard that permits accumulation of FF points/miles?