I'm actually pretty impressed with the offer!

Better than expected sign-up bonus (if you include the points you get for the spend during the first three months), 2for1 award redemptions and not the most horrible earnings potential on everyday spend. There are not that many cards out there that will get you an award redemption at their highest tier award properties for $10k in everyday spend. (Naturally you have to be interested in staying in their top tier hotels.)

One other thing I like is that the annual renewal bonus is in the form of points and not a voucher for a night at a certain category hotel good for one night within a year. With this option you are not required to use it within a year like you are with other hotel chains like Hyatt, Marriott and IC.