Priceline is great for Hotels. The savings usually outweigh the points you miss out on.
I read from a fellow Flyer Talker the best summary I ever heard about Priceline. "It's great when alone, but when your significant other is with you think twice."
I've never had a bad experience, but even if you get a less than stellar hotel, the savings is well worth it. As earlier mentioned, airport hotels are the best bet. I have saved a few hundred at MIA alone, and only used it 3 times!!!