consider the following comparisons before moving anything into HHonors. I am using Hawaii as a focus, so many people redeem there.

HHonors - 1 free night at a nice hotel is about 40,000 pts (example. Waikoloa Village)

SPG - 1 free night at a nice hotel is about 10,000 pts (example. Westin Maui)
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HHonors - 6 free nights at a Hawaiian resort is 175,000 pts

SPG - 6 free nights at a cat.5 Hawaiian resort (ex. Westin Maui) is around 74,000 pts (redeeming two awards (1 free night and 5th night free), assuming max pts needed)
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HHonors - inclusive vacation awards not offered. Redeem 125,000 pts for a coach ticket on CO to Hawaii and then one of the above hotel awards for the rooms. Easily costing well over 300,000 pts for two.

SPG - night'n'flights 2 - 70,000 pts gets you 50,000 air pts and 5 free nights at a hotel like the Westin Maui or Sheraton Waikiki. You will be abit short on miles for the mainland to HI flights, but since you are getting bulk miles dropped into the account of your choice, you can easily make up the difference with most FFers' existing mileage balances.
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I also was thinking of getting points transferred into HHonors for ALON awards, but a careful review of the numbers told me this was quite unwise. Given I can book the Waikoloa village at AA rates of $150/night, why would I ever redeem 40,000 pts for that?

If anyone can add more (or correct) to my analysis, please do.