For the past 2 years, when I have re-qualified for Platinum Status, I have received a $25 SPG Gift Certificate. A nice little gift. I can't complaint.
But this year it seems that things are very different. Mommypoints explains this well here.
If you are GOLD, you can get 25% off an award redemption.
If you are PLATINUM, you can get 35% off an award redemption.
The other options arent really worth much in my opinion (getting double points for a month).
What's the best way to use this? Find somewhere expensive that you would like to stay for 5 nights.
St. Regis Aspen, Colorado. 1 Night costs 35k points or $909 in Jan 2014. 5 Nights would cost $3,636 normally (5th night is free) or 140k Starpoints (35k x 4) with the 5th night free, or in total 28k per night for 5 nights. With this promotion, you can take 35% off, so instead of 140k, you pay 91k starpoints, or just 18,200 points per night. This is an extreme example because its still quite a lot of points and I would never spend them like because they are too valuable to me.
A better use would be to find a good hotel (not a St Regis) where the points per night is about half of the St Regis or less to use this promotion with and you will have a much better deal.