There are several mentions of "first year free" offers for this card in the PMCO forum.
These cards that include lounge access are essentially lounge memberships with a fee-free credit card attached. I think it is very unlikely that they will ever be offerred entirely free for the first year, as that would give anyone the option to get free lounge access (a purported $300-400 value) for free for a year and then cancel.
Other cards are usually about $95 per year but don't include lounge access. These are the ones that are free for the first year, essentially a $95 credit. So getting a $95 credit on a card with lounge membership is a great deal when you consider that you're getting a hundred bucks of a lounge membership, plus a free credit card for the year.