The complication is that there is no way for you to know if whatever program you transfer the points to will get a similar or worse devaluation before you use them. Any point valuations or comparison can only be made with regards to where award charts (or lack of award charts) stands today. Personally when in doubt I'd prefer airline points to hotel points just because it's a lot easier to find an alternative option to hotels than it is to airplanes in most cases, but really there's no way of knowing until you start actually planning that aspirational vacation what the best place to have your points parked will be.