I just have to chime in here, and agree with divaof travel that hotel programs, especially Hyatt's FFN, can be extremely lucrative. In fact, of the many deals that I've found on FT in since I've been on it, I think the hotel deals have been the most valuable. The Hyatt board has been a great resource on how to maximize this. Now that priceline rates aren't qualifying rates, it isn't as extraordinary a deal, but Hyatt has hooked me with their properties, and I am willing to pay published rates in order to use the promotion.

It isn't "budget travel" but you get to experience extremely luxurious and memorable properties at moderate rates. A luxurious hotel can add a great deal to the travel experience. For example, I figured that the Park Hyatt Paris cost me $100/night last year. With diamond status, you also get an upgrade to a nicer room and a very lavish free continental breakfast, though even without status, it still represents a great value. There is no other way that you could ever get this particular hotel for this price, and even a blah Paris hotel on priceline would run ~$100/night.

Even if you don't need the hotel nights, it can be worthwhile booking Hyatt stays for the credit. There is a reason why the "phantom stay" thread in the Hyatt forum is fairly active! However, as a caveat, as with all deals, some work and flexibility is required. Availability is limited, and you need to book both fairly quickly and be flexible with the dates, ie plan on mid-week only stays. I would guess that in ~1 month, probably all the FFN availability for the nicer hotels will be booked, and then you need to depend on last minute cancellations which would be difficult to plan around.

(On a side note, my other top hotel deal was the 2-for-1 with upgrade to junior suite/club access Intercontinental Le Grand that was in effect until December of last year. Again, each room night probably cost ~$160; while the true budget traveller can book a random hotel for much less, this was extraordinary in terms of bang for the buck.)