From the devaluation announcement to present I've had five redemptions on HHonors compared to a single revenue stay. The one revenue stay was a requirement of the location where I was speaking in April. Given my travel patterns even the Hilton promo wasn't able to keep me from Hyatt (and "free" nights at Park Hyatts). In addition to earned Hyatt Diamond and ChoicePrivileges Gold I've even upped my status in PriorityClub to Platinum while explicitly avoiding Hilton this year.

I'm not a high-value customer to any hotel chain (it's a different story with an airline) but I can indeed be a very frequent customer.