Does anyone have any experience with this card? It has a large annual fee ($450) but comes with an annual $250 air credit.

What seems to be the best thing about this card is that if you book through their travel agent (Carlson Wagonlit) you get the 4th night free in any hotel booking.

Assuming that you're staying in expensive hotels, just one free night would pay for the card. That is, say I have a room for $500/night. The annual fee is really $200 (450-250), but you save $500 on the room. You've saved $300 in booking on this card (500-200).

This assumes that CW can get the same rate as another agent of course.

If a hotel offers breakfast with the room anyway, that dilutes the benefit of booking with your Virtuoso agent I would assume. Maybe I'm better off buying my breakfast with my savings. In any event, not ordering the huge buffet is probably beneficial to my health/waist

Any thoughts on this? Am I missing something?

Do luxury TA's really want my business if all I do is book 5-7 nights per year?