I think I get a lot of value out of it. For work travel in the US and Europe, I usually stay in a Hyatt Regency, Grand Hyatt, or Andaz -- depending on the location and pricing. In Asia, the Park Hyatt is often sensibly priced. For vacations, I burn points at Park Hyatt or Alila (my favorite Hyatt brand). Hyatt is usually a little (but not much) more expensive than Sheratons of a similar category, but compared to friends who stay at the latter, I have always found the Hyatt to be an all-around better experience. Sheraton seems to have more exceptions in their program. For example, a friend staying at Ritz Carlton learned that the free breakfast and lounge benefits don't apply for the brand. (I guess most Park Hyatt's don't have lounges, but some, like the one in Kyoto, do have a happy hour -- and all will give you the standard restaurant breakfast.)

I have the Hyatt credit card, so I earn 9 points per dollar. Nearly all my redemptions have a value of at least 2c/point. Maybe this is "fake" value if I wouldn't pay the cash price, but I see it as converting points into great experiences. To me, that's very good value.

The Guest of Honor certificates are fun when you travel somewhere with a friend and can make their stay a little more special. Friends who don't travel much have gotten so much enjoyment out of the globalist treatment and room upgrades. And now it's really easy to send those and other awards to other people. I'm also a big fan of the suite upgrade certificates: most of the time, I don't really care what room category I get, and so the occasional suite upgrade is a nice surprise. But when I'm staying somewhere for a week, or anticipate having to work in the room, it's really nice to be able to guarantee a larger space in advance (and some hotels just have amazing suites that are an experience in themselves -- the Park Hyatt in Suzhou comes to mind).

Lastly, I have found MHC to be super valuable. I suppose this depends on some luck and the kind of requests you have. Probably my most common request is to merge bookings when I extend a stay with two non-refundable reservations (which is particularly valuable when using a suite upgrade certificate). But I've also gotten a partial refund when the price of a non-refundable booking dropped substantially and even got points refunded when I unexpectedly needed to check out early. The points and nights are usually credited properly for me, but I did have an issue this year after bookings got merged. It took a few days to resolve, but on my end it only took one email to the concierge who coordinated with the hotel afterward. In general, being able to resolve issues by sending a brief email to one address instead of having to figure out who to contact and what my reservation number was does end up saving a lot of time and effort (MHC can access the account and look up the booking information).

At some point, I'm not sure what more I could expect from a hotel loyalty program. Maybe they will get into the airport lounge business one day... but other than that?