I for one think it's a pretty descent promotion. I too churn other cards, but also have a primary card that I spent about $40K on last year. That means I would pick up 80K miles through this promotion. Not bad, IMO.

I can understand how some who spend the minimum to earn enrollment bonuses, only to then cancel the card, would not find this promotion to their liking, but this promotion isn't for everyone. CapOne is clearly targeting people who have a primary mileage earning card. They won't make much money giving away $1,000 in miles for a casual user or card flipper.