This card really makes me upset because the black one specifically looks like a great deal, simply from the mileage accrual standpoint - $90/yr, 1.5 miles per dollar spent. And:
You will receive 20,000 Flying Club miles after your first purchase made with your Virgin Atlantic Card. 7,500 anniversary Flying Club miles will be posted to your Flying Club account when you spend a minimum of $15,000 in net purchases within the anniversary year with your Virgin Atlantic Card. An additional 7,500 anniversary Flying Club miles will be awarded when you spend $25,000 in net purchases within the anniversary year with your Virgin Atlantic Card. Earned Anniversary Flying Club miles will be posted to your Flying Club account each year within four to six weeks of the anniversary of your Card’s open date.
So basically, if you spend $25k on the card per year, you get 37.5k miles + 15k miles = 52.5k miles per year. You also get 10 tier points which would retain Silver status or be 5 from moving from Red to Silver. Minus the latter, which would only be useful for Virgin regulars, that's already a pretty great deal - that's double miles.
If only Virgin points were particularly useful - their value seems to be trending downward. Sure, if you fly to London a lot then it's supremely useful. But changing for SQ, you don't get the 15% discount of booking awards on SQ's website and you don't even have the option to spend double miles on A380s, 773s, A345s, etc even if you have them. NZ awards are impossible to get...
I'm torn.