This card is definitely interesting (I'm a card addict, so take the comment with a grain of salt). However:
1) As noted above, $5k spend in 2 months is pretty steep especially if you have other cards on the go
2) $165 annual fee is very steep. I know, 0.55c/Avios is pretty good. But if you have the option the Amex Biz Gold is much better. I guess if there's a lull in your cycle it could fill in the void.
3) The companion pass is earned on a calendar year basis. Since its nearly June already, that issue will prevent me from getting this card.