From October 1 through January 31, 2010, Hyatt is offering your choice of 1 free night after every two stays (the traditional ‘faster free nights’ offer) or 3,000 bonus Hyatt every stay, starting with your second stay.
The free nights are generally more valuable, provided you can use them during the October 15 through March 31 redemption period. I’m sorely tempted to pick up several Dulles airport area Hyatt place stays in the $60 range (frequently pricing for weekends) in order to redeem at Park Hyatts in major cities around the world. But if you don’t have a good clear use for the redemptions, it’s nice that this time they’ve decided to offer a backup choice of banking points.
In addition to this bonus offer, Hyatt is offering double stay credits towards elite status during the promo period. Note that this is not double credit towards nights, just stays.