Espacially if you consider that most Europeans properties are pretty high price.
Comparing a Radisson Blu 4/5-Star with the Holiday Inn next door I have a hard time to justify the extra 100s of Euro for staying at the Radisson. It doesn't matter too much in Scandinavia as all hotels are expensive anyway but in e.g. Austria or Germany there is a lot of good competition at better prices and fair programs.
Accor, Mariott and Hilton are very strong since they have also cheaper brands like Mercure, Ibis, Courtyard or Holiday Inn where Radisson in Europe only has a couple of Park Inns which usualy do not impress me much and rarly surprise with good deals.
Actually I only keep up with Radisson as I get CC Gold through my SK*G. This way I try to stay a couple of nights each year to benefit through the promos and use some good deals via BRG. I'm not sure it will be more than 10 to 15 nights/year while I get a least the double amount on Accor and the rest.
Getting a similar offer to the US Credit Card would certainly make me reconsider and pushing it a bit to stay at Radisson properties.