Obviously, somebody who doesn't travel would have no use for avios, but then again, they wouldn't be on FlyerTalk. What is important (at least for me) is getting the biggest value from my points, not whether I will convert them to Flying Blue, M&M or avios.. The numbers speak for themselves - you sign up and get 250.000 MR points. You convert that to approximately 166.600 avios (3:2 conversion ratio). Which is enough for a return flight in business class from Europe to Asia (150.000 avios, off peak). Just by signing up and putting enough spend on the card to get the bonus. Or you use your card and spend additionally around 5.400 euros to get to 180.000 avios, which would be enough for a return flight (again in J) to AU/NZ. It doesn't get better than that, at least not in Belgium.

Some conversion rates are indeed poor and personally I would never transfer a single point to Hilton Honors. You just have to take out your calculator, do the math and see what works best for you. Given that today you get 4 MR points per 1 euro, this is a huge change in comparison to a few years back when an average AmEx card holder in Belgium was earning 1 MR point per 1 euro spent with the same conversion rates to partner programmes. They lost M&M as a partner due to the SN/Beobank deal, but personally, I don't miss it that much, as AmEx Platinum today is better as a product than it was before they lost SN.

I can't say I don't like competition.