I've never stayed at the Conrad but I can't imagine it has better "hardware" than the PHNY.... everything from the super high pressure showers to the Japanese toilets (in the suites) at the PH is top notch. From a quick perusal of the website, I also don't see anything at the Conrad which compares to the PH's gorgeous pool and spa facility which is a true gem and highlight of the property for many (including me). Also, for most people, Midtown is strongly preferred to Downtown.

As for the breakfast Globalist benefit, the PH offers a $100 credit for two people which is pre-tax and pre-tip. You can have a very high end breakfast for that amount, and whenever I've gone over (actually I've always gone over) they've always wiped the entire bill, no questions asked. I know that doesn't happen for everyone so I can only report on my experience - for example, I never try to order multiple entrees as others have.

Agree... it's not worth $1,000/night (I really don't think any hotel is worth that) but it's worth $500 in my book, particularly in NYC (which is really $600 including tax, fees, etc) and that makes it a good redemption for 30,000 points...