I looked at it years ago when I lost my status with Air Canada and came to a similar concision - $900 is an awful lot for what you get.
The actual cost may be less though, The $200 travel credit lowers the actual cost of the card since anyone considering a travel card presumably spends more than that on travel a year. The annual aeroplan partner ticket may have a similar value. The unlimited lounge access seems great, but you can buy an awful lot of lounge access for that annual fee.
In then end, I went for the CIBC Aeroplan Visa Infinite Privilege which has a very similar features (excluding the $200 travel credit and aeroplan partner ticket, and "only" 10 lounge accesses annually) and costs much less but still not cheap ($400 annually) . I easily get back considerably more in benefits/extra miles than the cost difference from a standard $100 annual aeroplan Visa Infinite so it works well for me, but of course the value of the features depends on the user. That - with Nexus - seems to be a really good combination if your traveling a reasonable amount without status like I do.