While I’ve long used Starwood points for hotel stays — the Starwood program has more top-end properties that I’d want to stay at than any other chain — often the best value can be obtained through airline mileage transfers.
I’ve carried the Starwood Preferred Guest® Credit Card from American Express since 2001 because they have the most full value airline mileage transfer partners and because when you transfer points into 20,000 airline miles, you get 5000 additional bonus miles. Since most airline partners transfer at a 1:1 ratio, that’s like earning 1.25 miles per dollar spent on the card for all spend.
Starwood has a huge array of points transfer options. The value here is being able to move points to wherever you need them, when you need them.