The value of the card is a bit diminished if one is elite (the baggage fee waiver is no longer a benefit). If you're spending $12k a year on the card, that gives you 12,000 miles, which are not worth that much.
Based on the info in the OP, I'd say stick with the Freedom card.
OTOH if you were not elite, but flew CO several time a year with a checked bag, then the card would definitely be worth it.
The card also gives you $50 off tix booked on CO.com and a free bag allowance and two free Pres club passes when you renew so the $85 fee can be rather easily offset.
I think the $50 off is a one-time only deal, but that's still more than half the annual fee (which is now waived for the 1st year, I think). I do miss the 5% off CO fares that the card used to offer a few years before it turned into "OnePass Plus" (IIRC that may have been a first-year only benefit).
The card is worth it to me because I'm too lazy to get a different card. That, and because I generally get several cents out of every CO OP mile and I spend enough on it to offset the $85 fee.
The PClub passes are nice, but I just gift them to others (US Air club member).