In case you're curious here's the travel transfer partners available:

• Airline
  • Aeroplan (1000 membership rewards point = 1000 Aeroplan points)
  • Alitalia MilleMiglia (1000 membership rewards point = 750 Alitalia points)
  • Cathay Pacific Asia Miles (1000 membership rewards point = 750 Asia Miles)
  • British Airways Executive Club (1000 membership rewards point = 1000 Executive Club points)
  • Delta SkyMiles (1000 membership rewards point = 750 SkyMiles)
  • Etihad Guest (1000 membership rewards point = 750 Etihad Guest points)
• Hotels
  • Hilton Honors (1000 membership rewards point = 1000 Honors points)
  • SPG/Marriott (5 membership rewards points = 6 SPG/Marriott points)

Note : These points can be transferred at any time. Many members exchange points to the programs when they find the availability they need. The airlines covered in the program gives you nearly universal coverage of the global airlines since Aeroplan covers Star Alliance (United, Air Canada, Lufthansa, etc.), British Airways covers OneWorld (American Airlines, British Airways, Cathay Pacific, Japan Airlines, etc.) and Delta covers SkyTeam (Delta, Air France, KLM, Korean Air, etc.). More details on airlines and alliances can be covered here.

Additionally, AmEx lets you use points for their fixed travel program which has the added benefit of allowing you to literally choose any airline and earn frequent flyer points.

The other thing I forgot to point out is that AmEx runs travel promotions from time to time. This season they offered me 15,000 AmEx points when spending $900 on hotels using your AmEx card. Last season they offered $250 statement credit after spending $1000 (after taxes) on hotels, an offer which I took them up on. The card also has a 25,000 point sign up bonus after spending $1,500 within the first 3 months of membership (a low bar for most). The points alone would allow you travel virtually anywhere in North America in economy with Aeroplan (Aeroplan also lets you include a free stop over en-route meaning that an itinerary like Toronto to San Francisco, then San Francisco to Chicago for a couple of days then Chicago to Toronto would count as just a roundtrip).

-James