Considering the announced lack of elite benefits at MMS (no breakfast, no lounge, probably weak upgrades), I see it the other way around. In places where other chains have hotels, I don't need an MMS hotel without elite benefits if there is a Marriott, a Hilton, and an IHG hotel next door where I will get the bennies.

However in unique destinations with a lack of competition, having a MMS hotel available will be great and it will not sting to not have elite benefits because I would be staying at an independent hotel anyway, without benefits. At least now I get the chance to earn Hyatt points and EQNs whereas before I got nothing. With SLH I could not even do this economically because booking rooms for cash on Hyatt's website for SLH hotels was far more expensive than booking with the hotels direct. Now at least I am paying fair price with MMS.

For points redemptions it's the complete opposite as my comments for cash above. MMS will be 100% useless at 1.3cpp or less, whereas SLH had pockets of value. I will only use MMS for cash, never points.