I applied for the card late Monday evening. To my surprise, I received the card Thursday. The package was very nice. It was so heavy that thought it was a text book or something. It was this way due to the Hyatt view book. As mentioned previously, the letter outline the card's benefits...including the flex EQMs. It sounds like that might be a mistake (not sure).
Overall, I'm happy - first year waived and received card and package in about 3 days after clicking submit on the online application.