Terrible. SPG was my go to points currency because of all the airline transfer partners. I'll hold on to everything until the end and then probably transfer 75% of my points to AS miles and the rest to AA miles. I have no interest Marriott or any of their properties outside of a few Ritz Carltons. Most of my stays will be at Hyatt's after SPG is assimilated into Marriott where as it was about 60/30 Starwood/Hyatt before, the rest at Hiltons. If I have to stay at a mega chain it's Hilton because I have Gold (who they treat pretty well, especially in Asia) from my Amex Plat and those stays are always paid anyway.

iflyjetz is right about Hyatt too. The Pritzker's control the company and that control is split between a lot of family members, many of whom don't like each other and couldn't agree on a sale to begin with, so it's not going anywhere.