Yes, I'm in much the same boat .. or will be. I'll be Diamond next year due to some fortuitous circumstances, but after that I'll likely never make even Gold again as I'm spreading myself between HH and IHG these days.
But as for reaping points via the card. I'm really unsure I'll ever use the card for even a single transaction. Its really not very interesting to me from an earn point of view at 1HH/$ Its the same reason that I cant bring myself to convert Amex MR points to HH at 1:1 ... to me, HH points are only worth 0.5c each at best and cards like the
Amex VA Plat grant 3p/$ on accommodation, so the difference is stark. Even a general purchase on a bank MC or Visa is likely to earn 0.5 airline p/$, and airline points are worth something like 2-3c each.
I'm always looking for more HH points, never seem to have enough, but their conversion rate is so horrible I just cant bring myself to do it