I think it's available now in the Sheraton Starpoints Credit Card:

• welcome bonus of 1,000 Starpoints
• one Starpoint for every dollar on every purchase
• 1-to-1 conversion to 20 airlines, including all majors
• no annual fee

See http://home1.americanexpress.com/app...0.asp?Entry=20

What isn't available is a Visa/Mastercard with the same features. Given the far wider acceptance of those brands, that would be my dream, even if it involved a "modest" annual fee!