Wow, in spite of the new category bonuses, this sounds like a major gutting of the Premier card. Unfortunately, in spite of all the rumors of airline and hotel transfer partners for the Thank You program, all we've seen is the addition of Hilton HHonors, and with that program's devaluation this year, the transfer ratio isn't very attractive.
With the companion ticket gone, I can't see how Citi can justify an annual fee that is higher than the CSP.