I valued Hilton points between 0.5 - 0.8 cents before the devaluation, and based on my travel patterns (e. g., I'm not going to the Maldives or Bora Bora anytime soon), I value them at 0.4 cents now. The Citi Hilton Reserve gives 10x pts at Hiltons, so that would work out to 4% back on Hilton stays. The no-fee Citi only gives 6x back, which would be 2.4%. I'd say the Reserve trumps the SPG, but if you're considering the no-fee card you might as well stick with SPG points. The Amex Hilton Surpass gives 12x at Hilton properties, which is even better. The Surpass would also give you access to AXON award stays.

Since the Citi Hilton Reserve also comes with free nights and gold status, I think you'd be best off getting that card provided you continue staying in Hiltons.