Hyatt hasn't had the same sort of inflation with regards to its points as Hilton has (due to CC earning less, CC signup bonus being two free nights, earning less on stays) thus they can charge less for redemptions. Also since they are so much smaller in market share and size, I don't see them doing such a massive devaluation. Basically Hilton & Marriott think that because they are the leaders market share wise, they can afford to do such a devaluation.

I really hope Hyatt doesn't and it shall receive as much of my business as possible!