Best value is in the eye of the beholder, and how you will use the points. HHonors points aren't as good for high tier rooms anymore, but are better for lower ones.

I'm in the vast majority, despite the recent Hilton MAJOR devaluation, I'm still collecting them, albeit only as padding when I have space on an AOR and an available offer I like.

Hilton still has an OK redemption rate for lower tier hotels, so it might be worth looking into. If you choose to go that way, look for a card with the redemption bonus for a free 5th night after booking 4, both the Amex and Citi cards give you free silver status as long as you have the card, and the surpass gives you free gold for a year, plus 60k HHonors points, but does have an annual fee.

I haven't looked at Hyatt or Fairmont yet, as I need points I can keep from expiring for the next year by using the card, and certificates expire.