It should be noted that hhonors points to miles is not a good transaction, but miles to hhonors points is pretty fair. If you have use for hilton hotel rewards, then consolidating miles into hhonors is pretty smart. I just redeemed an award for 33,000 points for 2 night at copenhagen. This would have cost me $360. Instead i used only 15,000 FF miles plus sign up bonus. So if you have a few thousand miles in diff. accounts, I would consolidate. Also rather than converting back to airline miles, you can redeem for air transport. 75,000 hhonors points for domestic and 150k to europe. Heard that award availabilty for air through Hilton is better than through airlines, and awards on AA even earn miles. So consider that yo convert at 2 to 1, and then earn 4,000 miles back. That means a domestic ticket only cost 33,500 frequent flier miles, not much more than 25,000 for normal ticket.