Hhonor Gguard, many thanks for expressing your perspective. It makes very interesting reading.

From my position (as a European HHonors member) I am not perturbed by the changes to redemption rates. I earn my points from a single source - by virtue of stay activity at Hilton family hotels. Yes, the rates for award stays have recently increased but over the past year or so, HHonors has thrown a chunk of bonus miles in my direction by way of thanks for my continued loyalty. So where others see the changes as devaluation, I am inclined to view it as a correction. I accept though, those that earn points principally via their affiliate credit card spend will see things differently.

For me, the level of service and quality of product I receive from Hilton still remains the overriding factor in choosing Hilton properties above others.