Welcome to Flyertalk.
This thread probably belongs in TravelBuzz, but one of the mods will have to move it.
You're not missing anything regarding the United MIleage Plus Visa card.
The miles you earn from the credit card are no different than the ones you earn when you fly when it comes to redeeming awards. However, only flight miles count towards elite status each year.
In regards to getting free tickets, it all depends on supply and demand. The route you want and whether you're traveling during peak season will also make a difference.
By using FF miles you will earn no miles in return. Some on Flyertalk prefer to pay for a ticket and then use the miles to upgrade or certificates. However depending on the route some would rather burn the miles to fly in first class if you're on a 3 class airplane going somewhere far (i.e. SFO-SYD).
Unfortunatey awards aren't booked on a 1:1 ratio. You need to check with the carrier's award chart to see how many miles it will cost you for a ticket. If you're planning on going to Europe from the US, Awards on United start at 50k for coach and go up to 100k for first.
If awards were redeemable on a 1:1 mile rato, given some of the mileage balances I've seen on some people's accounts, they'd be traveling for free for the rest of their lives.
[This message has been edited by kluau88 (edited 06-03-2003).]