A blogger just released details of the sign-up bonus for the new "regular" Amex card and it's really bad.
At this point I think Amex can put a fork in their MR/SPG business and call it a day and focus on their Hilton Honors offerings and promote the crap out of them. Link to thread started in the SPG forum on the details:
New AMEX sign-up deals revealed and it is VERY bad