Good analysis Pinniped.

SPG has something similar to a travel package, but the best use of SPG points is cash and points. The best use of HHonors points is point stretchers but we don't know how often they'll be offered next year. Cash and points is often available at SPG properties.

With Hyatt, SPG, and to a lesser extent, Marriott, earning points means working the promos.

I still maintain lots of people are getting a free night (at a cat. 1 property) with Hyatt for less than $70, if they're using Hyatt gift checks.