If it's the company's money, I'll go the hotel program route and try to keep it reasonable. When it's my money, it's Priceline all the way. My last 6 winning bids:

Toronto Intercontinental: $65
Toronto Radisson Suites: $35
Tampa Hyatt Regency: $30 (received all Diamond perks)
Minneapolis Hyatt Regency: $35 (received all Diamond perks)
Minneapolis Hilton: $35 (received all Gold level perks)
Chicago Hyatt Regency: $50 (again, all the perks)

Why would I pay 3-4 times as much when I receive the same benefits except points? There is no way a night at any of these properties yields $100 in frequent guest points...

I save up my points for when the Priceline deals are unavailable, which isn't very often.