Indeed. I use FHR every year thousands of dollars beyond the (former) $200 credit. The booking platform is fine, and the prepaid rooms are subject to normal cancel policy, which usually means between one to three days prior to arrival. I've never had to eat any portion of a pre-paid stay. With FHR, you get free breakfast, guaranteed 4 pm checkout, and upgrade subject to availability. These benefits have substantial value. Plus there's the $100 credit, typically a property credit or F&B credit. The 5x points on what are often some pretty hefty purchases are just gravy.

IME, most properties treat FHR guests quite well. We stayed at MO Bangkok two weeks ago on FHR, and were upgraded two classes to a 1 BR Suite. It was a phenemonal stay. I can think of at least a dozen other FHR stays at top-tier properties around the world where we (a) received fantastic upgrades, and (b) had absolutely lovely, memorable stays. (Don't make me list them, because I will!)

So I really don't get the post bashing FHR. It's a fantastic benefit.