Why aren't more people drooling all over this card?

Forget about status matches for a moment: I'm seeing 1 to 3 free nights at Ritz-Carlton on top of the standard home-grown-points travel rewards. And I see a ton of other goodies that might or might not have value depending on my specific needs - but appear to be given to me for free nonetheless.

I currently run a ton of volume through SPG Amex. I don't run much volume through any MC/Visa, because everybody takes Amex these days. I enjoy my Starpoints and how easy it is to use them for free hotel stays. I think of Starpoints as being worth about 3 cents apiece. This card clearly yields only about 1.5 cents per dollar in up-front rewards, but the question is: how much are the auxiliary goodies worth?

Is it worth moving $20k/yr. over to this card to hit the +2 level? Or is it worth moving $50k over there? My opportunity cost is Starpoints...

The FT consensus is that SPG Amex is the mother of all rewards cards. Is this card a viable rival, or do all of those goodies have so many strings attached that they really aren't what they appear?

On the surface, their basic air-travel reward system seems more flexible than others. One of my litmus tests: long weekend in London (from MCI), $400 R/T airfare, leaving tomorrow, is allowable with this card for 30,000 points. (They have a preferred carrier system, but AA is the preferred carrier and the one that always offers the cheap weekends in London from KC, so it's a good fit for me.)