My frustration with IHG is the lack of ambitious redemption opportunities. The only "dream properties" I can think of that are worth basing your everyday hotel decisions around are:
1) Intercontinental Amsterdam (dated)
2) Intercontinental Cannes (dated)
3) The Intercontinentals in Bora Bora (never availability)
Honorable Mentions: Intercontinental Hong Kong, London, Paris, Bordeaux, Marseilles, Cancun, Cozumel and Washington DC.
I would also like to mention that IHG opened a hotel in the Maldives but they made it a Holiday Inn! I'll never forgive them for wasting that opportunity!
The 5,000pt Points Breaks are great if you're looking for a mediocre place somewhere on the side of the interstate, but is that what we're playing the game for? I find myself amassing IHG points with the hope that they can one day be redeemed for Kimpton properties.
As far as elite benefits: there aren't any. I believe IHG's logic is: If your everyday stays are getting reimbursed by your employer, any stay enhancements (such as breakfast) mean little to you and is forfeited-profit by us; we'll just shower you with points instead. I'm actually a fan of this strategy, but only if they offer adequate redemption options.