The $200 FHR credit has also coerced me to use FHR when I wouldn't have otherwise (vs. a legit preferred agent). However, if you do a few preferred agent bookings a year, it's probably best to save your FHR stays for a time when FHR is actually pricing the same vs. other options.

If only 1 stay works for you with FHR a year, fair enough. However, if FHR is more expensive than the alternate preferred agent you would have gone with otherwise, you're not really getting a $200 credit. You're getting $200 - Amex's margin (and whatever prepayment discount you want to include). Probably shouldn't the deal-breaker between keeping and cancelling the card but these differences really add up for people with multiple players that have multiple Platinum flavors.