As I fly Delta, this actually gives the same situation SPG now offers with "Crossover rewards." When I use HH it's often for a HGI or similar in a location where SPG and Hyatt don't have options, so losing "Points and fixed miles" definitely hurts my value.

Question to people who are more involved with Hilton. Will the post Jan-2014 value come out better with points and variable miles or points and points? I value a mile at 1.2 cents and don't have a great sense of what a HH point is worth post-devaluation.