Here's the scoop.

$75 annual fee
50,000 miles with first purchase
50,000 miles after $2k in spend within 3 months
1.25 miles per dollar

And the best benefit aside from the signup bonus: every year that you spend $30k on the card you get a certificate for a free companion award redemption.

Now, BA has family accounts. So if 2 people get this card that's $200k miles in bonuses after $4k in spend.

Put $30k total spend on one of the cards and $2k on the other, and you earn 240,000 total miles plus a free companion.

That would buy you (2) first class award tickets from the US to, say, Dubai...

Now you will pay some decent taxes on awards, a business class award from the US to Europe runs ~ US$350 IIRC. But this is still a pretty phenomenal deal. I wouldn't put more than $30k a year on the card, but it sure seems worth putting the $30k there..