However, I still think that 3X points (potentially 4.5% back) on travel and dining + priority pass + marginally useful travel insurance is not competitive for an ultra-premium card any more, and to offer any additional benefits that are actually useful Chase will likely have to cut somewhere else. If they go to an Amex-style breakage-based model, they risk angering the folks who enjoy the simple rewards structure, but maintaining broad, applicable benefits hurts profitability.
A lot of people are now saying that the CSR is uncompetitive - do we know if growth of cardholders or spending has slowed? Amex says Platinum card members are up significantly since the refresh, but many Flyertalkers would say that card is uncompetitve as well (in its own way)