"... a loyalty program that is second to none ..."
I like this verbiage because it can be interpreted in so many ways that Starriott can do anything they like and still keep word.
To my best believe, this current dual program is industry leading when it comes to earning potential and spending options. Granted it isn't easy to keep abreast of all the fine nuances in the two programs but there's so much in them for the traveller that it will be hard to beat with a new program, however nice sounding the name may be.
If "second to none" would be read in a negative sense, there is a lot of ground to cover for Starriott. Just think of these on site benefits only hotel programs where loyal travellers receive two free bottles of water after their third stay...
Regarding airline transfers: I don't think that they are terrible value for hotel owners. The owners pay money for the points they give to travellers but aren't struck with low yield corporate reimbursement for reward stays. From a corporate perspective (Starriott/Airlines) this is very much a numbers game which seems to work out alright for both sides at present.