I have the card. It's a GREAT deal. Just to let you know, you get 1.5 Membership Rewards point per Canadian Dollar spent on the card through the point accelarator program. Note that the free ticket is only good on Canadian Airlines operated flight, not valid for code-share with BA, AA, etc.

You are automatically enrolled in the Fine Hotels and Resorts program, a hotel discount program from AMEX. You get the same lounge priveledges as the Empress Lounge members, who buy their annual memberships for $190. You also get the Hertz Club Gold for free, regularly priced at US$50.

(ps. only at locations in Canada, you can get in the Empress Lounges if your ticket is not CP, but as long as it is on one of Canadian's partners (Alitalia, Finnair, BA, Cathay Pacific, etc.). There are also KLM Lounges and various other lounges that participate in the program.

PPS:: If you would like access to a greater number of lounges, the Diners Club card if the best deal. (CAD$55 annual fee in Canada). For a listing of Diners Club participating lounges, go to http://www.dinersclub.com