More over-the-top stuff with respect to both programs.
There are only ~10K AA top elites who are offered Glob status. It's pretty safe to assume that many are already Globs and it's further safe to assume that most who aren't Globs are not going to change hotel programs just because of this offer.
But more importantly, something that elites with any program seem to never take into account - more members of a loyalty program means more hotels in that program means more options to everyone in that program. Hyatt has a small footprint; the thing that this program needs is more members so that there are more Hyatt hotels. This is basic business - as demand increases, rational businesses will increase supply in order maximize profits.

As far as the Marriott program goes, here are my comments
The breakfast offering is not as good at most domestic Marriott lounges when compared to domestic Hyatt lounges. International offerings are comparable.
I'm staying at a Marriott tonight; I have still never experienced any of the problems that have been cited on the Marriott forum. And there are more than a few posters there that say the same - no problems.
I suspect the vast majority of 'problems' is former SPG loyalists complaining about Marriott and former Marriot loyalists complaining about how the addition of SPG has screwed up the program. In fact, if you read the posts, you'll find a very common theme where they state that the problem is due to the 'other' program being merged into their legacy program.
I am writing this from one of my favorite domestic Marriott lounges (SFO airport waterfront) where everything regarding my reservation has been executed perfectly by Marriott.