Originally Posted by
sbm12
...And I definitely still feel that I get better value from my AmEx card than I would from the PPlus card.
I really think this is one of those YMMV situations.
If one is flying CO 75,000+ BIS miles per year then the PPlus is a no brainer. Lounge access + ~19,000 bonus miles + Avis + ability to earn points for purchases, especially if you would have already bought a membership to the PC anyways ($325 1 year Plat vs $375 1 year annual fee from Chase.) The downside is you're linked to CO and if you venture out, the card won't offer much value.
Now if one is not flying CO 75k+ (or is traveling heavily on other alliance too) than I think the AMEX option gains value. While you do loose some abilities to earn bonus onepass miles, one could easily argue MRs impressive list of partners justifies any potential loss. Likewise the ability to access multiple airline lounges across alliances is particularly useful for those who fly multiple carriers. The rather steep $500 annual fee can easily be justified if one could save buying a PC, AC and DL lounge membership - to say nothing of the ability to earn MR points.
Anyways, I think this is truly one of those YMMV but if you're just on AA once or twice a year (and CO for the rest) I'd think the PPlus card + a daypass or two to the AC when needed would be a better value...but that's just me.