Agree with particlemn, HHonors points, while clearly worth less than last year, are certainly not worthless.

Depending on how you earn your points (stays or cc spend), where you stay, when you stay, etc, HHonors points can still be quite valuable.

Keep in mind that in the last year Hilton, Hyatt, United, Aeroplan, Delta, and many others, have all devalued their points as well.

If you are not at least HH Gold, and earn most of your points on stays, then yeah -- you aren't getting much value.