For my wife and me, it is the actual hotel stays which matter. With small children in daycare and student loan debt (expenses which combined exceed a couple grand each month), our current expenses are not reflective of what our expenses will be in a few years. Consequently, right now, we are most interested in doing the most travel possible for the least hit to our bottom line. With regular trips to Disneyland and Disney World, we care far more about our final cost for each trip than whether or not we are getting the best cents/mile or cents/point value. We participate in both HHonors and SPG. SPG has 2 Sheratons near Disneyland, the Swan and Dolphin at WDW, and several other resorts near WDW. The Hilton brands offer several hotels near Disneyland, a couple at Downtown Disney in WDW, and several more near WDW.

As far as status goes, we just do not care at this point. Ease, comfort, etc. matter most. I wouldn't dream of staying at a different SPG property each night when traveling to WDW with toddlers and babies. Ask me in 5-10 years, and I perhaps will feel differently.