Guess it all depends which one you like or use more.
I have been a member since 1997 and have redeemed for a trip for two on Northwest Airlines, two one week car rentals from Alamo, some gift certificates and a Delta Hotel stay.
I have found that since you can now cash in your HBC Rewards from Zeller's & The Bay we have found it easy to reach Gold status every year. (1 airmile for every 2000 HBC points).
I have been an Aeroplan member for even longer but have only been on AirCanada twice and even though I travel a few times a year. I usually stay at hotels that give Aeroplan points when I travel for work. You can kind of double dip too. When I used my Airmiles for Alamo I received Aeroplan points. This worked at Delta Hotels as well.
I only had enough points to do anything when they joined the Canadian Airlines Miles with Aeroplan. Have only ever cashed in my Aeroplan points for a hotel stay. 15,000 miles for one night I think!
Hope this helps