Hold the phone...
An upfront Free Night certificate that can be used globally and doesn't require any other spend, no questions asked is a pretty good benefit. You get close to your money back with this benefit alone, especially if you choose an InterCon or Crowne Plaza.
Whereas with PP you have to pay the membership THEN pay a night upfront BEFORE you get your second night, with a BOGO. So more upfront cost to get the same benefit. And the BOGO only works in Australasia, not globally.
Agree some of the vouchers seem to have fallen off but my view is that the overall value washes out pretty similar to PP, if not better than PP (in my eyes). Ongoing 25% off beverage (no beverage discount with PP) is great too. Will make it more appealing to drop in to my local IC for drinks.
I for one will be converting over to the new program once my PP membership expires. Will need to book another trip to IC Fiji...