I have two IHG cards and one Marriott card. All of them are worth the annual fee just for the free night certificate. If you stay at IHG properties frequently, the added point earning and the 4th night free is also very valuable. While Platinum status isn't much, it has gotten me upgrades (e.g. to a suite at a HIX or a better view room at full service properties). Not bad for just having the credit card. That said, IHG isn't much on elite status in general versus other programs. Rather it is more about points earning. I guess the new expanded Ambassador program that also has benefits at Kimpton and Regent in addition to Intercontinental could be considered a true elite status recognition if you earn Royal Ambassador.

In any case to answer your original question, I think it is definitely worth it with no downside for most people. If you're someone who worries about 5/24 in Chase and other high frequency credit card account churners, it might become a question of timing in your cycle as to when to get the card. Other than that no downside I can think of.

--Jon