I have been loud in complaining about the integration issues, but I too find value in the new program. This comes from a 8 year SPG Plat that only had 25 total lifetime nights in Marriott prior to the merger.

Anywho, the redemption values I have looked at are lower in value than I used to find with SPG, but still over 2 cents a point.

More importantly, I now have options in many of the small towns/smaller cities I travel to in the US for work and play. Since the merger I have had 5 paid and 0 award stays. 4 have been at Legacy Marriott Properties. Marriott fills the holes in coverage that SPG had and allows me to drop Hilton as my secondary hotel program.