Marriott Rewards was voted best hotel loyalty program for two international regions in a recent survey. Overall, Marriott Rewards had eight distinct category winners, most of any program in this survey.
"Over a million people from nearly every country worldwide participated, casting online ballots, choosing their favorite programs and campaigns for 2010. Voters cast ballots for their favorite programs in seven categories across one of three global regions: The Americas, Europe and Africa, and the Middle East and Asia/Oceania."
Even though MR didn't come in 1st for using points, I do really like the Hotel+Air options under User Marriott Reward Points > Travel & Leisure Rewards > Travel Packages. It's pretty hard to beat the 1:1 ratio on MR points to airline miles. I try to take advantage of that one as often as I can.