Well, on a total of 4 HH stays, 4 nights at an ADR of ~$110, I'm going to net back 26K points when it's all said and done (this includes promos, MyWay, Gold bonus, and converting VS->HH at 1:2).

If I value HH points at .4 cents per point (which is about what I value them at), that's an effective kickback of around 25%.

I can live with that. Oh, and I don't have the Hilton branded CCs- if I did that would help the kickback considerably. It helps that my stay patterns work well with relatively cheap Hilton-family hotels on one night weekend stays (and I wouldn't do much better on a price than just Pricelining). This is also consistent with what I got from last year's Hilton spend.

No, I won't be using those points to go to the Maldives- but I can live with a 25% kickback.