I am surprised how weak this card is relative to the new $450 credit cards from Hilton and Hyatt.

The difference between the SPG $450 card and the SPG $95 card is a $300 annual credit, reducing the AF difference to $55. For that you get a free night up to 50k points rather than 35k, which is worth something, but marginal. No difference in earning points (unlike Hilton and Hyatt) except for airlines and restaurants which people are most likely not going to be putting on this card regardless.

Sure you can spend your way to Plat, but if you already have the other SPG credit card you only need 35 nights for Plat so are there that many people who will be interested in spending $75k on the card that would not have reached Plat with the other card?

I don't think I am going to bother unless there is a decent welcome bonus, and it would be the only reason I get the card.