I am pretty happy with this outcome.
- Eliminate a card from my collection (much needed), and an annual fee
- Gain around 100,000 Chase UR in exchange for a (so far, apparently) useless to me currency that I never figured out how to use effectively anyway (Fairmont points)
The first year or two, I spent enough to earn the free night annually.
More recently though, my spend goes on my CSP and my AMEX Everyday (and the Costco card for 4% on gas).
I am more concerned regarding President's Club itself...