I find I get more value out of Hotel points with stays and credit card spend than I get out of airline miles. Airline miles are so much harder to redeem, and (besides the bonus points) are tough to accumulate on credit cards. I do both, but find that I get a lot more free rooms than I get free flights.

And if I am staying at a Hilton Garden and saving $140 a night with a low point redemption, I am not really concerned about upgrades. I can usually pick out my room.

That being said, I have had some really nice upgrades on point stays. Hilton Tokyo, Conrad Hong Kong, Hilton Edinburgh, etc.