Just one further remark: All this "less-promotions-higher-burning-rate" arguments forget about one important issue: There are some people that are more interested in rates than in points. Hilton had and still has great rate promotions (currently PR13CB, PR24VC).

I told my Westin people in my favorite destinations (40 nights in that town in 2009 in three hotels) that I won't stay one further night unless they do something about the rates. My normal Hilton rate under PR24VC is 153 Euro (or even lower under PR13CB), the best I can get with the Westin is 189 Euro. Both hotels are pretty similar qualitywise. All these nice points are not freebies but one needs to pay for it. And I certainly prefer a decent rate at the beginning.