It is important not only to look at how many points are required for a free stay or award, but also how easy/difficult it is to accumulate the points in the first place. I'm not familiar enough with *wood, but with HHonors, the frequent promotions and the easy conversion from airmiles, it is relatively easy to accumulate points.

slawecki has a good point concerning the black out dates: HHonors has black out dates, unless you hold their highest status (Diamond). The effect this has on your award travel plans depends on your flexibility and dates you want to travel. They are certainly something to take into account.