The value in this card is in the upfront 20,000 points you get after you hit a minimum spending threshold. After that, you receive a mile for each dollar spent.
The problem with this card as with most frequent flyer cards is that for 25,000 points, seats are becoming scarce.
For that reason, I am considering abandoning frequent flyer cards in general, and this one specifically to move to cash back cards.

I got this card a while back mainly because of the 20,000 free miles towards my Continental frequent flyer account. The points really add up quickly if you use the card frequently.

I also got my annual fee waived when I called to cancel the card, they told me they can make the fee go away forever if I keep my account, which works out very well for me.