I tend to agree, that in the US the points redemption is quite bad.Its also pretty poor in the UK. In Australia however its okay, as even the best hotels are rated as cat 3, which is quite low. In London, almost everything is cat 6. I have been using some of the other hotel programs recently, as I get better value, hence I have dropped to Silver this year. I still use them for private use as I found out that if I bought shares I would get a 15% discount. Bought 100 shares last year only cost me £160. They also do shareholder offers. Have booked the London Metropole this month, a double queen room for 2, at £120 with my shareholder discount applied. This rate also included taxes dinner and breakfast. (Wife wanted to go to a London Show). Seems good value if you are a shareholder. Now have a number of future bookings at good rates, so might go back up the membership ladder again.