I wanted to add that I posted an update regarding my experience with the Barclaycard Arrival to my blog [remove blog link]
The gist of it that if points are redeemed for statement credit (essentially cash), they are worth half a cent. If the points are assigned to specific travel charges of greater than $25 on your statement, you can receive the full $400 value.
Another benefit is that hotel and rental car charges on Priceline and Hotwire qualify as travel expenses which earn 2x points and for which statement credits are allowed. I don't know of another card that offers redemptions on Priceline reservations.
Last edited by mia; Mar 17, 2013 at 4:15 am
Reason: remove comm. link