Hotel point valuation really is individualized to one's own travel patterns, much more than airline miles. The variation in types of hotels and rooms is so great. A program's value depends on how it meets your needs for hotel rooms.

Points are definitely worth more when you have a higher elite status with the loyalty program. A few years as gold in Starwood and Hilton, then a couple years as HHonors Diamond and now Starwood Platinum I see a vast difference in award room availability with Hilton and a far higher percentage of nice room upgrades in both programs.

I really value my hotel status more than airline status these days. The flight portion is just two days of a holiday, whereas the room stay portion is generally 8 to 14 days for a holiday. I like a nice room and hotel benefits like lounge, breakfast, and late checkout.