I wanted to post that I am very happy with Hyatt so far. I have been Platinum on SPG for 8 years (almost lifetime plat there) but think I have really hit the jackpot with Hyatt. Here's what I did:

* Diamond status match, completed stays in 1 month.
* Diamond status bonus points
* Hit the 16 nights on the promo (ending 4/30), this was HUGE and took several stays away from SPG.
* Got the credit card, two free nights
* Using one of the Suite upgrades at the Park Hyatt Melbourne
* Got the Hyatt spend on the credit card for the bonus points

This may sound incredible but I have only 13 stays since 2000 (lifetime stays) with Hyatt, 5 stays total this year (16 nights), and have racked up 120,000+ points. Obviously most of those points were because of the promos I hit when they came up.

Even with the prospect of SPG lifetime platinum I'm considering Hyatt the best value at this point. 5th night free on SPG redemption seems to be the only thing I would really miss jumping ship. I don't like the forex fees on the SPG card, and I don't like the fact it's AmEx. Hyatt did it right. Another benefit, the category redemption points seem reasonable compared to 120,000 points per night at the W Resort Maldives!

What would I have done differently? Well, I would have done the status match before applying for the credit card to get the 2 suites! But at this point, that would be just greedy. Oh, and I got the Hyatt $75 annual fee waived retroactively since I had booked some nights that same day.