I definitely agree with Hyatt's loyalty program needing to be better than the competition to compensate for their smaller footprint, and I think, even after the devaluation, it still is. I stay at Hyatt where I can (and top off my account with Chase points), and anywhere there isn't a Hyatt (which is actually fairly often, as we aren't really city people), I'll book a basic motel or limited service hotel through Expedia and collect a few of their points.

My biggest concern was always transferring Chase Ultimate Rewards - given that they transfer to both Hyatt and Marriott at the same ratio, but Hyatt points are worth at least twice as much, I figured it was only a matter of time before the ratio got adjusted.