Miles mean little to me as I earn way too many flying. I also don't churn in the one-dimensional way that term is understood here. I don't believe this thread is about churning either so I don't see why that would be a major point in getting this card or not.

Spending requirements for new card bonuses are not a problem for me. In fact I just got offered 50k MR points for 5k spending to open an Amex gold biz. card. I am normally not tempted by such offers but this one also waives the first year's $175 fee. I don't run around looking for opportunities to churn for churn's sake, but instead keep my powder dry for such offers as this.

I also have no need to transfer card points in any program to miles or hotel points. I have about 400k in United miles alone that I have not had time to use. I also have 200K Hhonors points and a lot in other programs.

I value 5% cashback on airfare; I usually take the points in the form of gift cards which I know is not the "best" way according to experts here and on FW. My employer allows me to book my own airfare and then I am reimbursed. 5% cashback equivalent on such spending adds up quickly.

I have CSP as well as JP Morgan Palladium and have found the UR program ho-hum because I don't have an immediate interest in transferring UR points to miles or hotel programs, although I can see the usefulness. So for me, and to be honest a lot of other people if they sat down and did some math, 5 cents back per $ of airfare spending is worth more than 2 UR points or 2 MR points. Which reminds me that I have 110K MR points with amex even after I used a bunch recently and my UR point balance is about 150k last time I checked.

FWIW, I pretty much only use my penfed amex card for airfare. Other travel is put on Palladium and other categories on categories specific cards:

groceries: Amex BCP 6%
gas: Sallie Mae 5%
books/amazon/some dining: Citi Forward ~5%
non-bonus categories go on FIA Amex 2% or one of my other two 2% cards

I've had airline cards in the past but learned how little miles are worth to me at this point in my life. Currently I do have two hotel cards, Fairmont and Hilton Surpass.

It is also worth mentioning the occasional bonuses the Penfed Amex has offered. Last year there was 5% on hotels which I used a lot, and even earned the 5% for prepaid stays bought during the bonus period though the stays were outside of the bonus period.

Sorry for the long-winded answer, but I hope it explains the role this card plays for me.