I have not redeemed SPG yet this year, but from what I gather reading threads in the past day or two (mainly regarding HHonors) they've actually reducing some hotel categories and increased promotions. So I think it's reasonable to say that SPG has not devalued the program in 2009.

Marriott is a bit more subjective. They altered their structure in early 2009, a move that effectively requires me to spend 8% more to achieve my favorite award (a Travel Package). In exchange, they dumped the capacity controls and blackout dates. My personal take on this is that you will benefit if you seek out a popular property in "shoulder peak" season. Hotels can still game the system in max-peak periods and in off-peak periods I never really had an availability complaint with Marriott. They also now allow MVCI's in the Travel Packages, but they took away the best standalone 7-night 2-bedroom suite awards. In any case, I look at it as a slight devaluation - not a major one.

This Hilton devaluation is smelling like 20 to 29 percent to me. They will have to adjust categories significantly in December/January (returning a large number of current Cat 5's and 6's to their 2009 Categories) for me to consider this a "mild" (3 to 5 percent) devaluation.

The structural changes to HHonors don't bother me. The systemwide Category Creep - everything up one level (especially in the 5-6 range) - is the problem.

I'll wait and see. I'm MR Plat but definitely converting my 2010 business to a stay-based program: either SPG or HH. Right now, I'm leaning towards SPG for stays with just enough HH Amex use to keep a good status here. If the December/January categories are reset more fairly, I will consider going total HH in 2010.