I currently have the Ink Cash. Couple of comments:
1. Cash back bonus for dining is being decreased from 3% presently to 2% under the new terms in OP.
2. It seems from reading OP that they will bring Ink Cash to Ultimate Rewards, which will be awesome because if you have a Chase Sapphire Preferred you could potentially consolidate the UR points and then transfer them all to Continental/Hilton/Marriott/PriorityClub/etc. Ink Cash right now does not participate in Ultimate Rewards.
I am giving serious thought whether I should cancel Sapphire Preferred when the annual fee is due (like I planned) or not.