I just checked the Hilton website. Apparently, American and Lan Chile are on a one to one exchange for miles to points. So, 5000 American miles equal 5000 points. I hope this isn't a sign of things to come for the other airline partners. A one to one exchange is unimpressive.
I will take advantage of the bonus offer though. I've got about 3,200 Advantage miles and I just called Diner's Club to transfer enough points to bring that up to the 5,000 miles necessary to receive the Hilton bonus. I can always use another 10,000 HHonors points.