I still give the slight edge to SPG. Not by much, and I too hold the Surpass card for the purposes of maintaining HH status. I use all three of the hotel-branded cards at MR, SPG, and HH (when I have actual stays).
What's your thinking, pinniped? Not trying to be argumentative, just interested. The reason I don't use SPG for everyday spend is the lack of multipliers - nothing for gas, grocery, post office, airline. My understanding is the only way to beat 1:1 is spend at SPG properties. Also, there's no online bonus mall - Hilton's isn't as good as Amex Bonus Points Mall, but it's there, and with some big-box vendors offering up to 6:1.
If I'm wrong, I'll gladly reconsider my position on this. I'll certainly agree SPG is the superior product if you're going to rack up most of your points on hotel stay, thanks mostly to the lower redemption ratios. I keep it myself as occasionally my Hilton of choice is full, offering an insane rate, etc. Also, I like a couple of the SPG properties - particularly the Gateways at LAX and ATL.
Edit: Just thinking about a hypothetical two-month spend....Let's say your budget is $3000/mo. on each of the SPG and Surpass cards. In my case, I'm spending probably $1000 per month on gas and grocery, so I'm going to rack up $2000 at 6:1 for 12,000 HH. The remainder adds up to another 12,000 points at 3:1, so I'm at about 24,000 points, or 98% of the way to a free night at a Cat 3 (costing 25K using code H301). On SPG, I've gotten 6000 points, or .9 of the way to an SPG Cat 3 (at 7,000 SPG) - or a Cash & Points stay in a Cat 5, if I'm willing to shell out $90.
Obviously, I'm going to score more for a hotel stay using either card. The reason I give the edge to Surpass is I can tweak those numbers - I also get 6:1 at Walgreens and believe you me, I buy a lot of stuff there.
I can also buy stuff using the online mall - Nordstrom, Drugstore.com, even Wal-Mart are represented, offering me opportunities to beat the 3:1 I'd get on Surpass from everyday spend. TigerDirect, an electronics retailer I like, offers 5:1, and if I pay with Surpass I wind up with 8:1, or nearly as good as I'd earn on a stay at Hilton.
You do have to be willing to buy stuff online and not every vendor is represented, but for some folks it's worthwhile, IMO.