In the US, I always pick the points option.

Overseas, I always pick the upgrade/breakfast option since the EL is usually much better than the US (free alcohol and hot substantial evening snacks and tea time pastries). In continental Europe, I've had nice upgrades (larger room/nice views). In the UK, esp London, the "upgrades" were similar to the US's but the EL were much better (as long as not SRO). In Asia, the upgrades were spectacular (very large, quiet room and wonderful view)