I like it.
• 20,000 points = $200 in travel expenses. It's great that you don't have to use their agency: easy redemption opportunities.
• The Priority Pass lounge access is really nice. EDIT: At the time of writing this post, the site didn't mention usage fees.
• The minimum spend requirement isn't onerous.
• Some will say that it's not the same bonus as has been offered before. (But there's not much point in worrying about offer amounts changing over time. Whatareyougonnadoaboutit?).