I believe I missed this when it was announced originally, but it’s not too late:
American Express is giving a 20% bonus when you transfer Membership Rewards points to Hawaiian Airlines. The Hawaiian Airlines chart is no bargain (40k roundtrip coach to Hawaii; 80k in business class), but when you figure in the 20% MR bonus there are some OK redemption rates on some partners. Here’s the chart to redeem Hawaiian miles on Delta — you’ll see a couple of ok options (relatively) on there — 55k to Europe, for example.
The real bummer is that Hawaiian does not let you transfer points to the Hawaiian program and then transfer them out to Hilton at 1:2. You can only transfer points generated on Hawaiian (either through flights or credit card) to transfer to Hilton.
In any case, this deal is good through July 2nd.