I don't know if the miles will become worthless...there has been talk on other postings about this...
It seems that there are better cards out there, but there are some things to consider.
1) DL charges you a fee for this card each year (I think it's like $150) - so even though you are getting the certificate, you are paying to get the certificate.
2) They changed the certificates last year so that you purchase tickets according to zones. I guess in some cases it might work out to be more economical, but for me, it ended up being more expensive because the zone price was more than the coupon price + the renewal fee. For example, last year, I might have paid $150 (renewal fee) + $200 for 2 tickets ATL - LAS. This year, I am paying $150 (renewal fee) + $289 for 2 tickets ATL - LAS because that is the Zone A - Zone C price.
3) If you dump the card and change your mind, you don't get a certificate in the first year. Therefore, let's say you renew in July 2005 - you may not pay a fee in your first year, but you won't get a certificate until July 2006 when you renew. This certificate covers you from 7/06 - 7/07.
I have the DL Platinum myself and am not sure if I am going to renew when my membership expires in August.