The current bonus is 15,000 miles for the Amex card. If you spend less than 60,000 / year, this is not a good deal. If you spend more than 60,000 a year, the extra .25 miles per dollar makes it worthwhile.

You could still take the offer, and sign up for a Mastercard in addition to get the 15,000 mile bonus. Either way, the Starwood-like 1.25 miles/$ isn't a bad deal.