The way I figure it, like any points or miles program, it's a gamble that pays off more or less depending on your particular travel interests and research (the latter made much easier by the really knowledgeable folks on FT! ^ )

So, for me, does the HHonors point / reward pay off? Oh, you betcha! I've used it for stays that would have been pricey for some Aussie mates (though now that the Aus$ has moved up against the US$ at rates that beat even the £ and €, they can get their plurry own! ). I used C101s (10k points per night) to stay at the Hilton NRT, not to mention several Scandics (which always include breakfast,) where stays would have been much pricier in that W European part of the world. (Of course, I prefer leisure travel during off or shoulder season - less crowding, lower prices...)

It's a bit like deciding how to spend your cash - some places, you don't get much return (many USA venues,) others, you get bargains. And, like cash, we've recently been hit with inflation... (Those who mentioned the Safari as an example of points well spent - right on the money!)

And I have to add in the rest of the program - as Diamond I have received any number of really nice upgrades - including a Presidential Suite or two, plus that great junior Suite with the Eiffel Tower outside my balcony - for the lowest available rates, not to mention Executive Lounge access, which in some locations includes free breakfast, luncheon snacks, hors d'oeuvres, desserts, wines, beer, drinks...

So, speaking for myself, it has all paid off handsomely. For some customers, I'd possibly not even recommend it at all. Of course, YYMV, and it certainly will if you use many of the FT insider tips available hereabouts and travel widely. Cheers!