I have done a lot of analysis on my website regarding Fidelity 2% vs. a miles card. Even with the annual fee on a miles card, you don't need to value a mile as high as 2 cents to beat Fidelity.

For example, with SPG if your annual spending is $30K, you need to value a mile better than 1.78 cent to beat Fidelity. With Amex PR Gold, if your annual spending is $30K with 3K on airfare and 5.5K on gas/groceries, you only need to value a mile at 1.5 cent to net $75 in your pocket compared to Fidelity.

Of course, you can always say you have multiple cards for different categories. But most of us already have too many cards in our wallet, one for general spending, one for top bonus categories, one for places that don't take amex, one for lounge access, one for foreign transactions, and so on. So my argument is that cards such as PR Gold (covering airfare, gas, groceries), Sapphire Preferred (covering airfare, hotels, dining, etc.), Travelocity Amex (covering airfare, gas/groceries/dining) are very valuable. Then if you value 1 mile at 2 cents, then it is almost no-brainer to go with a miles card with an annual fee.

I am not saying Fidelity Amex is a bad card - actually I rate it highly. I am just suggesting other cards may be better if you value a mile high enough. I also understand that Fidelity Amex's WorldPoints can be transferred into AC miles - that is great value even considering the recent devaluation of AC; however, programs like SPG, MR and UR (by Chase) provide great value and flexibility at the same time.