I just applied for this, still waiting for the card in the mail.
Prior to applying I did some random searches for award booking. So far that works out for me is a OW or RT from FLL to the west coast on AS for 25k. Availability seemed reasonable. I believe there were flights on partner airlines, but there were fees associated with it for redemption. Still havn't figured out a better value for the 25k
Anyhow, I basically just applied for a trip to Seattle. I figured the annual fee + the $5 taxes is a good enough deal to open the card!
Also, I've read this is churnable? If so, how long is the reasonable wait and should I close the first one before opening the second one?