I like Hyatt's program the best, but unfortunately Hyatt locations aren't as convenient for me as Hilton's in the cities I go to. At least with Hyatt you get a free HOT breakfast at any Hyatt without a lounge. For the properties with lounges, their lounges seem to be nicer than Hiltons and not as crowded. I also like the guaranteed suite certificates as well. I really like the guaranteed 4 p.m. checkout.
With Marriott, rumor has it the partnership with United is ending in January 2014. If it continues, MR Plat is nice because you can get silver on United, they have lifetime status. Problems with Marriotts is that breakfast isn't an included benefit at all properties, I stay at HGI's a lot and love the hot breakfast, courtyards don't give a free breakfast to Plats.
I think SPG has the best program for people who spend a lot of nights in hotels. You can have lifetime status and a 4 p.m. checkout. I really like how they treat their really loyal guests by giving them priority for upgrades over other Plats and the revolving 24 hour checkout.
Hilton status is a lot easier to acheive than top status with SPG or Marriott or Hyatt so it's no wonder the benefits aren't as good. You can obtain Hilton diamond with just a $40K a year credit card spend and no hilton stays.