You don't say where you travel too, but I like Marriott b/c they are very consistant; from the low end Fairfield Inn to the Marriott Resorts and all points in between. I believe Marriott has a true elite program that is difficult to obtain;maintain but it is by no means the watered down versions of the other majors.
Im plat at MR; plat at spg; diamond at Hh and they are all great in their own way and all have their benefits
SPG: Good (No blackouts, *Wood Lurker, plat desk)Bad (lack of overall selection, lack of low end properties; price is often beat by Hilton or Marriott properties)
Hilton: Good (Double Dip; Many Promos, at least there has been who knows now; Great selection, great price ranges, diamond desk) Bad (Devalued points, watered down gold and diamond tiers)
Marriott: Good (Selection; Elite level; price ranges; consistancy of the product) Bad (lack of promos; take two is nice but of the big four chains; MR has the least number of promos)