Since it's a freely given away level, it shouldn't be worth *too* much, but I've generally found over the years that the low tiers are simply insurance against getting the worst room in the hotel.

Starwood Gold, Marriott Silver, any non-paid Priority Club level, Hyatt Platinum, HHonors Silver: they all keep you ahead of the Priceline guests and anybody else who really, really doesn't care about hotel programs.

HHonors is actually better than some in that Silver is truly available with zero stays and zero annual fee, year after year. And the minor VIP bennies do have some value, especially if you visit properties that have a really top-notch fitness club or European properties that charge for the 2nd guest in the room.