HH have finally updated their website to show QF as 1 QF FF per US dollar and VA as 2 velocity points per US dollar.
So I always used to use Points & Miles (Fixed) for short stays, and Points and Points for long (over 3-4 nights, depending on rate) stays.
What are people's thoughts now? I am thinking 2 VA points per USD isn't too had a deal, and is worth more to me than an extra 5 Hilton points - mainly because I can use small amounts of VA points easily (upgrades, domestic reward bookings when prices are high) but I cannot use small amounts of Hilton Hhonors points easily.