According to this website, Hilton will open 2 properties at French Polynesia in Feb 2009, one is Hilton Bora Bora Nui and another one is Hilton Moorea. Since there is no word of new construction of Hilton Properties, these two hotels most likely are taken over from Sheraton Moorea Lagoon Resort and SPA and Bora Bora Nui Resort and SPA.
Hilton has no blackout redemption like SPG chain and require much less points on these two properties, so this is actually a great move. However, I am sure New Hilton Bora Bora Nui will have similar retrictions on Elite benefits like Conrad Maldive when you reedem points, but it still a better value compare to SPG catergory 7 redemption. In addition, if you want to pay for the night, Hilton can get u to their Diamond tier by amount of spending($10000 in a canleder year), so a better option than SPG, where only nights/stays counts toward elite status.
Also, If I remember correctly, both hotels+St.Regis Bora Bora are owned by same person, so sooner or later St.Regis maybe rebrand to Hilton Family Hotels too.
Along with these two properties, the Westin Versailles in Paris will leave SPG and join Hilton as Waldorf=Astoria brand. It looks like Hilton is expanding its top chain to compete with others by offering lower Franchisee fees.
Start saving ur Hilton Points, you will have more better properties to use them.