The catch for the new DBS card is that you need to spend S$25K a year to waive the annual fee. If not, the fee will not waived and is chargeable if you cancel the card towards the end of the year before the fee is due. It is indicated on the clause that the fee is non-waivable.
Personally, I feel that the card is good only if you are a high-spender. On top of that, you will still need to pay S$40 for subscription into the FFP linkage to be able to transfer points to FFP.
There are more info on the card benefits at the following website:
http://www.dbs.com/sg/personal/cards/altitude/