I agree that Hilton points are now expensive to use but still use them as IHG refuse to communicate when there is a problem and SPG are too thin on the ground in the areas I stay.
Hilton do look after me and are responsive to problems.
The recent HH points devaluation was bad, very bad. But, as you said Bill, Hilton do look after their elites and most of my stays were very smooth with no special issues to deal with. When I do need a "favour", like changing a pre-payed booking or asking a suite upgrade for a special occasion, they usually do it for me with a smile.
Regarding points redemption, I stay at Hilton hotels for work and use the points for holidaying at their more expensive resorts. If I didn't have points I couldn't afford paying to stay at all of these amazing properties. Some examples from recent years:
2012 5 nights at Waldorf Astoria Maui
2013 5 nights at Conrad Sanya
2014 5 nights at Conrad Maldives
2015 booked 5 nights at Hilton Moorea followed by 5 nights at Hilton Bora Bora
All of the properties above were over $500 per night at the time I made the bookings.
There are still good redemptions out there, just need to look harder and be more flexible.