Annual fee is waived first year and you are given 15k TY points for signing up, so you are only going to starting actually paying the $125/annual fee starting at the beginning of Year 3 (because the Year 2 annual fee is offset by the 15k TY points at signup that are valued at approximately $150). By the time you reach Year 3, you'll need to ditch the card anyway because the 3 TY points per dollar structure disappears.

If you don't fly, don't have a need for gift cards to major retailers, or don't have student loans to pay off, then I agree that you may not be able to quite get the the full 1 penny per TY point but otherwise you should be okay. I would say further devaluation in the near term is unlikely. Just guard yourself against any devaluation by redeeming your TY points on a fairly regular basis. If something changes, you can always switch away from the card immediately.