Well, I got my AirNZ/Amex last June. The biggest benefit I seen so far is
1.) Return flight domestic per year.
2.) $75 spend for 1 airpoint dollar.
3.) $250 spend for 1 status point.
4.) 200 airpoint dollars for one time only.
5.) Up to 6 months travel insurance cover.

Once reached 12 months, I would cancel the card. ANZ Platinum Visa offer similar benefits above and only have to pay $125.00 per year vs $395!!
(ANZ offers $80 spend for 1 airpoint dollars)

This Amex card is a rip off and only benefit is the first year! and yes, the cust services in Syd is completely crap and they don't give a toss you quit or not. After all Amex made it's profit on corporate customers, not consumers like us!