Marc,

The Marriott package rewards - despite their recent devaluation - still represent good value, with redemption for air/hotel packages on most major airlines. I redeemed ~250K points last year for a BA round-trip in F (YYZ-DAR) and a 6-night cert at any Category 6 (of 7) hotel worldwide.

The hotel rewards, in my experience, are somewhat harder to redeem than in other chains. The redemption process (via requests for paper certs) is problematic and creates problems for short-notice awards.

I've recently switched from Marriott (Plat) to SPG and Hilton, due more to their treatment of elite members than reward redemption.

FWIW,
-Zombie-