Unless I'm missing something, this sounds like a great deal!

As long as you are buying a ticket for under $500, the 75% discount for 20,000 points is the same rate of discount as a 100% discount (ie, award ticket) for 26,667 points. That is merely 6.7% more than a SkySaver ticket and a whopping 46.7% less than a SkyGouger ticket. Plus, if you are GM or PM, you would earn a minimum of 2,000 SkyMiles per round trip, which would more than offset the extra 1,667 points required over a SkySaver award. On top of all that, you would still be eligible for upgrades (unlike a coach award ticket), you would still earn MQMs, and you would not be subject to SkySaver/SkyGouger capacity controls. Finally, as already pointed out, the annual fee is less than the current Gold and Platinum Delta SkyMiles cards.

So, am I missing something here?