The answer you are most likely to get on FT, and I agree, is: it depends. It all depends on what your plan is: at the micro-level (Hilton) and at the macro-level (all rewards programs).
If you're looking for pure bang for your buck (Er, hard inquiry) for any rewards program AND you're looking to apply for multiple cards for their bonuses, then this card is probably not for you. To compare: even if you were focusing just on Hilton points, you could get a 75k/100k AA Citi card and upon getting those points, convert them to HHonors points at a 3:5 rate (e.g. 30,000 AA miles --> 50,000 HHonors points).
This card is nice in that there is no annual fee. If you're looking for a fee-free (as opposed to the fee-laden Surpass card with better earnings) way to earn HHonors points, this could be valuable. Also, you may want to consider this card for AXON rates (see link added below -- comprehensive posts about Hilton HHonors).
With respect to whether Hilton points are better than other hotel points, it all depends on what you are planning to do with your points and where you plan to stay. If you're saving up for a big stay at the Conrad Maldives, Hilton points are VERY valuable in terms of $value/pt. If you're planning on staying a lot of Garden Inns....
Note: whether you concentrate on Hilton rewards or not, if you have a Visa Signature card, DO get the instant gold status (if not gold already):
http://www.flyertalk.com/forum/hilto...rdholders.html. Note that you are entitled to redemption discounts as an elite member (e.g., Conrad Maldives at as low as only 37,500 points per night!). See
http://www.flyertalk.com/forum/hilto...hing-else.html .