Originally Posted by eponymous_coward

If you'll pardon the digression

The changes to Hilton Honors cash and points plus the 70-95k redemption levels mean that a lot of the outsize value has been squeezed out of the system (no more 16k points+$55 USD for $200 USD hotel rooms where you are effectively getting close to 1 cpp, it's hard to get amazing values on point redemptions when you're dropping 90-95k points a night, because you have to accrue so. MANY. points), but a lot of the terrible value redemptions (40k points for a $100 USD hotel room, so .25 cpp) have also been squeezed out because point pricing drops on those hotel rooms below their 40k redemption level if the rate goes low.

As such, it makes me a lot more indifferent as to when to use cash or points if I am getting .4-.5 cpp on the redemption. I value Hilton points at around. 4 cpp so I like a little premium, getting rid of taxes on the room by redeeming for a full award often does the trick. If there's a Hampton Inn available at a rate where I am comfortable burning points, that means I have that cash to use elsewhere (perhaps even on a more luxurious hotel room on another trip where I am NOT limited to Hilton for a stay). Also, if I burn points now I don't have to worry about Hilton's next round of devaluations or anyone stealing out of my account because of Hilton's crappy IT.

I also think that's Hilton's goal- make it fairly easy to get SOMETHING of value in the system without having to generate a ton of points, even if it's a $100 Hampton Inn. It generates loyalty to have some fairly easy ways to get value from stays without having to do FT-er style gaming and scheming.