It's been around for a while and I've received solicitations for it by snail mail.
Unless I'm missing something, their business model seems to be hoping that people are willing to pay $495/year for a fancy looking card for their wallet, because I don't see any value in the benefits. Most of them look no better (and in many cases worse) than any number of Visa Signature or World Mastercard cards out there.
The one thing they tout as being better than the competition is that you get $0.02/pt value when redeeming for air travel. But I wouldn't be surprised if they have restricted availability. And I can get 2% cash back that I can use however I want with a no-annual-fee Fidelity Amex.