I didn't get this, but I was looking at the T&C at the bottom of the page. A few observations.
1.
Bonus points earned on Base points do not count toward VIP tier qualification 
Why call them base points then!
2. Free nights expire "February 28, 2007, and cannot be extended".
3. No mention of free nights after stays, only after nights.
I was originally thinking that the 3x points would be the thing due to the base points (helping to qualify, plus be redeemable). Assuming a night at $160 (regular Hilton in Newark area, where most of my stays are these days) would net 5x3x10x160 base points per stay = 24,000 points which is close to equivalent to a free night many places plus a big portion of points towards VIP status. But no status from points. Now if you can use the free night at ANY property, then the voucher could be worth significantly more (cat6 is 40,000 points/night). In fact, since you get the initial base points, the theoretical 5 night stay is only worth 16,000 points "bonus".
Going for free nights instead makes sense IF you won't exceed 15 nights. If in fact there is a stay equivalent, then hotel hopping might make a 7 stay max viable. Odd numbers of stays, extended stays, or high price properties would imply go for the points.
I don't see airline miles as an option. Is 2,500 miles/5 nights worth the 16,000 HHonors points it displaces? Not in my book.