I think the advent of the new Citi AA high level $450 annual fee card is the death knell for Admirals Club access for Amex holders. I am sure Citi will be pushing for exclusivity
As for this new card... well it is interesting. As an MB owner it could make sense, especially as the lease is coming up on our GL. Putting $5k down to get 25k bonus points plus the potential for discount could offset the fee. But not on an ongoing basis. Surprised they didn't switch the $200 airline credit to say $200 MB servicing credit to fit the sponsor