Yeah, that is a pretty lousy exchange rate for Hilton into airmiles. I'll probably stick with the Amtrak card. While the 2-for-1 for Hilton points isn't as good as a Hilton card, 1-for-1 conversion to Continental and United is a great option. I can even use 25,000 points and get a free week with Hertz.
I don't travel as much as most on this board, but I do charge! The flexibility of awards is more important to me.