You can now transfer AMEX Membership Rewards points to Hilton at a 1:2 ratio.
That’s better than the previous 1:1.5 ratio, though it’s still not great. I value AMEX points at about 1.4-2 cents each and Hilton points at 0.4-0.6 cents each. But it definitely can mean some decent values.
For example, Hilton elites and cardholders can stay at the Waldorf Astoria Jerusalem from 57K Hilton points per night, which is 28.5K AMEX points per night.
Hilton elites and cardholders can stay in an overwater pool villa at the Conrad Maldives from 76K Hilton points per night, which is 38K AMEX points per night.
Those are no longer criminal uses of AMEX points, even if you can do better elsewhere.