I manage to use mine every year to cover a hotel that I would otherwise have paid for out of pocket. I try and use them when I need just a one night somewhere and there is a Hyatt category 1-4 that fits the bill.

This year that's going to be the HR Tokyo for a one night overnight -- I believe this is the 2nd or 3rd time I've use the voucher there.

I've also used in the past for GH Bangkok, Hyatt Place Portland Old Port (great value in the summer), and Hyatt Place Charlotte Downtown (great value on Panthers football weekends).

As long as the room night exceeds the annual fee, I consider it to be a well used voucher (sometimes it's just a moderate value, other years it's a great value) -- the category doesn't really matter. HR Tokyo is somehow a Cat 3 but the value is always there even if I'm "only" getting Cat3 value