I am seeing a massive gap lately between booking with a OTA, vs. one of the AMEX FHR or Virtuoso. With the "special insiders discounts" the OTA's offer, plus the ever constant 15% discount on Orbitz/Cheap Tickets, the difference is SUBSTANTIAL.
On a one night stay, the room upgrade, $100 F+B credit, etc often makes up for it, and Virtuoso/FHR is the way to go.
But I am looking at a 3 night stay right now. Through Virtuoso it is about $1800 US. I get a room upgrade, free breakfast, and $100 F+B. Through Orbitz (logged into my account), it is about $1150 US, including breakfast. So is the upgrade, and $100 F+B worth it to me? Often not.