I've pretty much tried them all, and settled with Hyatt as my primary chain, Hilton as a close second - no others. You need to consider:
- Properties where you usually stay - which chains operate them, and which ones do you LIKE?
- Properties at destinations you want to use from awards.
- Status benefits vs points earn/ burn opportunities. I'm more concerned with on-premises benefits, hence I favour Hyatt over Hilton. Hyatt are exceptionally good at looking after Diamiond Elites, especially at my most frequent destinations (eg: always upgraded to at least a club room, usually a suite - lots of unpublished delights, staff really going the extra mile....). Of course this is true of the properties I typically stay at - YMMV.
SPG doesn't really get a look-in for me as most of their Australian properties (those that remain) are particularly unimpressive. US-based people clearly have a very different perspective.
Accor's appalling A-Club (dis)loyalty scheme must, however, be singled out as the worst hotel programme in the history of the multiverse - it is to be avoided at all costs.