Most of my opinions have been said but:

On a cents-per-point earning basis, no, IMO. Hilton I find is around 0.4 cpm while Marriott I would say is around 0.75 cpm based on my random searches here and there. But the thing is that Hilton almost always has some kind of promotion going on where you are showered with points. 2x, 3x, or set number of points, so you are able to accumulate massive numbers of points versus Marriott which only occasionally does promotions (though have been getting aggressive with credit card signup bonuses for US residents in the past year or so). I say don't go just by pure "cents per point" but instead go for "find some way to redeem the points that you accumulate, otherwise you are collecting for nothing."

When it comes to point redemptions, it's a bit murky. When it comes to base rooms, Hilton does dynamic pricing, but only to an extent, since there are still vestiges of the old pricing model where properties are "categorized" and there are point price ceilings, so if you find a hotel with high cash prices for a base room and can redeem points, that's the best value. (For example I have a booking at the Hilton Paris Opera at 80K per night despite a cash rate of 563 EUR) If you can find a base room at the property you want to stay at, of course (This has been a problem for me at times) But for upgraded rooms, Hilton does full dynamic pricing, I find around 0.4 cpm. Hilton also does a full variable "points and cash" redemption rate (I don't recommend this since when you book one of these the "points ratio" you book at is unchangeable afterwards) on their redemptions.

For Marriott, I find that their "points and cash" options for base level rooms are hard to come by but I have found more base room availability (especially internationally) with Marriott than with Hilton. Marriott does have the option of "pay the cash rate and use points to upgrade to a nicer room" which I don't think Hilton has. I find their current point pricing model yields much more variance than Hilton's which can be good or bad depending on if cash rates are high or not. (For example I have a booking at the Le Meridien Stuttgart which was either 29K per night or 14.5K per night plus 85 EUR cash or cash rate of 293 EUR. The Le Meridien Munich for the same date had a cash rate of 381 EUR but was 58K per night.) Not sure what will happen when their new pricing system kicks in.