I'm back from my stay and it did cost me something like $44/day in taxes/gratuities for my "free" room. They did allow me to use my 2 additional dining credits (from having the Premier status off the credit card), so that at least made our $72 breakfasts for 2 actually free.
So if you want to go to Bermuda, the Chase credit card is a good deal. You get 2 free nights, an upgrade to a suite (we got a sea view room the staff called the "honeymoon suite" that goes for more than $750/night this time of year) and what effectively amounts to free breakfast. The hotel isn't exceptional, but it's nice.
That said, Bermuda is a ridiculously expensive place to visit and it doesn't deliver good value. The "Fairmont deal" is just a heck of a lot better than the alternatives.
If I get the card again (or my wife gets it), I think we'll use the certs in Hawaii or some other place.