I'm not quite sure I buy that. I don't see (at least from the point perspective) how Membership Rewards is a better rewards program than Diners' Club Club Rewards, which works (for the past few years) on the MasterCard network, and thus doesn't get Amex's higher charges. (You may prefer MR or CR based on which airline(s) you collect with, but when you compare the few airlines that are in both, I'm not sure why MR is better from the standpoint of a rewards programs. I'm not saying it's worse either, just that MR and CR seem to be pretty similar, $1 = 1 mile with most airlines, with occasional redemption bonuses and -- these days -- few earning bonuses.)

Starpoints, in turn, works well because of the hotel program, moreso than because of Amex. This hotel program is uniquely structured in that points turn into miles 1:1. The average hotel program converts points to miles 5:1 or 6:1. (Starwood does this because its points haven't been "inflated" -- within their hotel earning/burning structure -- the way all other hotels have.)

This is why Amex cannot give as good a program with any other hotel chain, despite similar fees from merchants presumably for, say, an HHonors AMEX compared to an SPG AMEX.

And while the Delta AMEX gives double points on everyday purchases and advertsises that loudly, I have a Chase Visa card in my pocket that gives quadruple (UA) miles on many of the same everyday purchases (it leaves out home improvement stores), and it has no annual fee. The difference is it's never advertised, and only available "by invitation" (to some people trying to cancel other Chase cards). How can they give 4+ miles per $ at gas stations and grocery and drug stores on a Visa, if Amex can only give 2 miles per $ at the same place on the Delta AMEX?

Of course, I'm only talking about points rewards benefits here. Some MR cards have things like lounge access, but it seems to me you need much more than the basic (already $$$) annual fee to get that as a benefit, no?