Since this rolled out they have increased their rack rates to make up for it. This "promotion" is a non-mover. In Sacramento, CA on weekends most Hilton hotels trend at a $99 rate and have for the past few years including a lot of HGIs and also "Hilton Sacramento Arden West" (hope the remodel in progress improves this place). However last weekend most of these hotels were all showing a rack rate of either $102 or $104.
I appreciate Hilton taking MVP away from the general public though. When I was previously happy to book via Hilton.com and use MVP for $79+tax rates on weekends, I did just that. Since it has been taken away, I have taken to shopping around more.
So far twice this year the shopping around has led me to Priceline Opaque. I have "named my own price" for 3 star Hilton affiliated properties I used to happily just use the $79+tax MVP for. So far one of the properties was $56/night after tax/fees and the other was $63/night after tax/fees. Sure I didn't get any HHonors Points or free breakfast, but the money I saved was worth more than the value of the points. The lost breakfast benefit value is debatable but I am not a big breakfast person to begin with so its real value to me is only a few dollars.