2.7% FTF is not going to attract the high-spender travelers, it's the near-free card for people like my mom that if she was to go overseas the last thing she would wonder about would be the FTF. Not me, who spends $25k+ a month overseas and that fee adds up and isn't easily expensed at work without hassle.
As a big Schwab customer (and Amex) I'm pretty underwhelmed. Love them for my personal banking, wish they would offer a premium product like ML.