Been looking at previous posts, but coulden't find anything about it.

Do you transfer your Hotel points to Air Miles or do you keep them separate?

I prefer hotel points : SPG
Transfer when you need, or else just SPG and CSP =)

So always hotel points instead of airmiles?

I find hotel much more valuable than flyer points. Valuable not as in terms of $$ value. Business class ticket only give you a good sleep for 10 odd hours at most, but a good hotel can change the quality of the whole trip.

Hotel points are typically more flexible since they can be transferred to airlines and used for other things (including, of course, hotel stays). Typically, airline miles can not be transferred back to hotels, and booking hotels with airline miles is a poor redemption.

I'd recommend always keeping your points/miles in the most flexible places, and transferring when you have a specific need.

The same holds true if you accumulate Ultimate Rewards, Membership Rewards, etc. from credit cards... It's best to keep them flexible until you have a specific use.

What makes spg points so good is their flexibility. Same with ultimate rewards and amex membership rewards. Air points are stuck once they are there. The more flexibility to transfer you have the better. I think the answer what is better depends on what your goals are, but in general the more flexibility you have the more valuable the points.

I take cash back instead of hotel points. I'm generally able to realize 15% on the spend plus I generally spend less up front because I'm not tied to any particular brand. Works out well in the end.

Everyone has different views about whether the incremental value of a nice hotel or a nice flight is greater.

My own view is that I can get good discounts off the "street rate" for hotels at Priceline, but not air tickets, so I would rather get airline points. Also, for me personally, I can stretch out just as easily in a bed at a Marriot Courtyard as a Ritz Carlton, but the same is not true of Row 33 on an A330 vs. Row 2. The first is a matter of economics, the second a matter of personal preference. (Although ultimately all economics is about personal preference.)

Also, air miles are usually worth more per mile. 25K airline points will get you a coach ticket worth, say, $400. (Yes, with a lot of variation, availability, etc.) 25K hotel points will not get you a $400 hotel room. So if you are getting 1 point per dollar spent, air points will generally be worth more.

I'm not that familiar with SPG, but I believe it has some "sweet spots" for redemptions. Hotel points can often be converted to air points, but not always 1:1.

Completely agree that keeping "rewards" points like Chase and Amex is superior to converting until you need them.

SPG is different. I'm staying at a $200/night SPG hotel in San Antonio in April for 3000 pts/night (on the weekend). Probably not typical, but most people try to redeem at $0.03/pt, so 25,000 SPG points should get around $750 in value. But for any other program I'm familiar with, 1 mile > 1 hotel point.

Anyone rethinking if airline points might be a better value after all these hotel program devaluation?

Not really.
I just do a mixed bag of both.

There are so many variations in value,
I don't think it works to say
"Airline Miles Good - Hotel Points Bad"

..or the reverse.

If OP is interested in transferring to airlines anyway, I don't think OP would be affected by any of the recent devaluations. Even though they aren't worth as much for hotel stays now, hotel points still more flexible BEFORE they're transferred out.

Well, thank you all for the replies. But I think I will stick to the hotel points. I normally only fly in Europe, so I can manage a seat 33 for max 2 - 3 hours, and then have a nice hotel room.