Starting with the biggest minus: Equinox - couldn't add a more useless "benefit" I'm afraid.
I'm a heavy audiobook guy, so the Entertainment Credit means that I can shift some spending I was going to do there to a couple of books a month at Audible to Amex Plat.
I actually use the airline credit for some tickets, EMS seats, baggage fees, etc with Jet Blue.
I have been spending (I believe) $99 for Clear as a DL card holder. So, a decent offset on the higher fee.
I understand that FHR does come with Elite benefits (stay credit), at least in some cases?
They could've done away with Saks for me, but I do use it as it's there.