Did you notice on point redemptions that not all of the taxes are applied? I couldn't quite figure out exactly what was excluded but the return seemed to be more in the range of 1.75% toward the flights I was checking. It's also double points at all of their rental car and hotel partners, which means a ~3.5% return.

All of the points count toward companion pass qualification, so if you have a very high rate of spend, that can be another plus.

My wife uses this card as her "everyday spending" card.

(Another "dark horse" in this category is the Virgin America Visa, which is a ~2.15% return if applied toward Monday-Thursday or Saturday flights.)