I like the card. However, many of the benefits have been removed over the last year.

It still has no foreign transaction fee. (However, I have a suspicion that this will change. MBNA has been removing this benefit from a few of their cards, e.g. new Quantum cards have a fee). Also, there is a benefit that is not advertised on the ML website:

If you charge $20k+ per year on your ML+, American Airlines will match your status on other airlines up to AAdvantage Platinum.

The only benefit that I think ML+ is missing when compared with Visa Signature is the access to "once in a lifetime events". However, I think that the ML+ compares head-to-head with any Visa Signature product pretty well, if you spend $20k+ on your card.

The only features that it lacks compared to other premium cards are: lost luggage insurance, emergency medical evacuation insurance, and access to special events. However, it is a free card...