I posted this on another travel forum, but have to say after poking around this one from an organic search, I really enjoy the message board here and wanted to post it here as well. So before I go any further, obviously the answer is yes. They are making our points worth less over time and costing more money than in the past. However I am speaking more about all of the talk about leaving the program (me included) because of this recent and over the top change. Before people flame me or call me crazy, let me explain. Hilton now has properties that cost more than any other without a doubt, but keep in mind earnings are higher as well. Lets assume for the sake of argument that a person had the Hilton Honors Citi Visa, Amex SPG and Chase Marriott. Hilton Honors at gold will earn you close to 27.5 points per dollar. Marriott and SPG come no where near that and I mean NO where near that. Now yes, the redemption is where it kicks in and it certainly has skyrocketed. However if you are earning 3 times as much or even twice as much in points per stay, is there really much of a difference? Up until last night I was up in arms and despite being with Hilton since 2002 (as well as other programs), I was all but done. Then I decided to take emotion out of it and bring it right to the spreadsheet. Now again, this is strictly just my spending, but with Hilton and the new horrible devaluations, I was still ahead with Hilton Honors than I was with SPG or Marriott making the same stays (which are about 36 per year). Now to reiterate, this makes the assumption that one has the credit card for all three matching programs. So my question is this, despite the horific devaluing of the program itself, SPG is still considered by many the gold standard by which all other cards and programs are measured and my spreadsheet (I have checked it three times now) still says I get more out of Hilton than any other. The emotional side of things gets me all jacked up and ready to quit, but in reality if point redemptions raise higher and point earnings raise higher, it becomes a wash. Meaning if the credit card offering 10 points per dollar spent came out on the same day as the massive point shift, it might have been more tolerable. This is all strictly my opinion, but my thought is since Hilton made the giant move now and it still works out slightly in our favor thanks to the card and over 25 points per dollar spent, then when other companies devalue again (and we all know they will), Hilton could not possibly think of doing it again and the decision to stay worked out. I dont think there is a right or best program for everybody, just my findings on our experience and despite the awful devalue, us still coming out ahead with HH than we would have with any other that we have found.