One other thing not mentioned specifically -- if you fly Southwest and transfer 110k+ points to their program, you'll instantly get their companion pass, allowing for buy-one-get-one travel for up to two years (if you time it properly). That's probably more valuable than any hotel redemption if you live near a Southwest hub.
Unfortunately this benefit is no longer available for tranfers from partner Hotel Loyalty programs.
As per Southwest T&C:
*Companion Pass qualifying points are earned from revenue flights booked through Southwest®, points issued on Southwest Rapid Rewards® Credit Cards, and base points earned from Rapid Rewards Partners in a calendar year. Purchased points, points transferred between Members, points converted from hotel and car loyalty programs, and e-Rewards, e-Miles, Valued Opinions, and Diners Club, points earned from Rapid Rewards program enrollment, tier bonus points, flight bonus points, and Partner bonus points (excluding bonus points earned on the Rapid Rewards Credit Cards from Chase) do not qualify as Companion Pass qualifying points.