OK, my two cents:
I really don't care much about capacity controls or rewards stay availability. Why? Because I can use the points on so much else. Reward stay not available? Then PAY for the hotel and use your hhonors points to get the rental car for free. It all ends up saving you about the same. I for one never plan on using my points for hotel stays because I can't imagine staying in a hilton, but not receiving any points or miles! HA HA, I know that may sound stupid, but all I would be thinking the whole time is, "Man, I could be getting 12,000 points for this stay!"
The obvious exception would be the ALON awards, and for the value I'm more than willing to wiggle around some availability issues.
Use honors points for a cruise reward, or gift certs, or CASH at a casino. Don't let hotel night availability sway you.......I am refinancing my House and will be receiving another dump load of points. Several fancy hotel night's worth, but they'll never be wasted on that..... :-)