If you want to fully participate in the SPG program, you MUST have a Starwood Amex. That's where the points come from, not from actually staying at the properties! My condolences to the poster who spent $8k of his hard-earned money on two stays and thought that he was going to get a big bonus for it.
I typically target $100-125/night hotels (I like to take it easy on my clients), so I scoop up a measly 300-375 SPG points per night. That takes a LOOONG time to add up to anything. However, with my $6k/month in Amex charges on top, the awards pile up fast. I typically get 10-20k points/year from hotel stays and 60-80k/year from the Amex.
Come redemption time, there is still no comparison in the ability to redeem. I love both programs for completely different reasons, but if the reason is acquiring award nights you can use, SPG wins hands down. If it's high-end service, go for Hyatt.
If we could merge the best of both programs? WOW.
Agreed.