Since you can change your preference whenever you like, just do the math for your next stay and decide what works best for you. Then do the math again before your next stay after that. And so on. Or, if that is too much work, do the math for a "typical" stay based on the particular chain you most frequently patronize, average room rate, stay length, etc.

Also, what is "best" for you may not be for someone else. Some people might be looking to earn miles, while others prefer solely HHonors points. So it is partly a matter of individual preferences.

By the way, the HHonors website (www.hiltonhhonors.com) has a handy points calculator for a stay. Log in, click on Member Services, Points Calculator. It asks for room rate in USD, number of nights, earnings style, and tier (Blue/Silver/Gold/Diamond). It doesn't compute the miles, just the points (base points and bonus points are listed). And it doesn't know about any special additional bonuses. Still, it can be helpful.