Instead of straight points per dollar, you may get some value out of flexibility. You mentioned you like Membership rewards and SPG points. You also said you'd like airline miles and Hyatt points. As such, I would suggest you consider an Ultimate Rewards card, instead of putting all of your spend in one miles/points bucket.

While UR is 1 point/$, they give a rebate at the end of the year that is supposed to make UR value at 1.27 point per $ (or something like that). As such, you are loosing a half a mile compared to the United Club card, but gaining flexibility and saving on the high annual fee. You can use UR with any of the major airline alliances and at Hyatt hotels, as desired.

Another option you may want to consider is the Citi Hilton Reserve card. Gary at A view from the Wing blog makes the case of getting this card and putting only $10,000 annually on it. With the card and $10k spend, you get Gold status (decent for hotels), an annual weekend free night certificate, and 30,000 HHonors points, which gets a one night stay at a mid-level hotel. This is a good case for spreading the love around the cards.

Good luck!