From what I understand, the programs -

Citi PP-Elite
- earn 1 pt/$, 2pt/$ (grocery/gas/pharm), 1pt/mile flown
- $75 annual fee
- 20K bonus points at sign-up
- book your own flight on Expedia at 1 cent/point
- fixed flight option (for 2 cents/point redemption at best)
- free companion pass on domestic flights $299 or more

CapOne No-Hassle Ultra for Professionals
- earn 2 pt/$ on everything
- $39 annual fee
- book your own flight and get reimbursed at 1 cent/point within 90 days
- no FOREX fees overseas

My situation -
- Will spend about $50K a year on card with spouse
- Don't travel for business, will fly about 30K miles a year with spouse
- Will spend about $10K a year on grocery/gas/pharm
- Will travel up to once a year international with spouse(will share same card)
- Will travel 2-3 times a year domestic with spouse(think companion)

My basic thinking is that I will earn about 100K points a year with CapOne vs. approx 90K a year with Citi PP-Elite. The big question is obviously do the advantages of going with Citi (fixed-fare option, free companion travel) outweigh the advantages of CapOne (lower annual fee, no FOREX fees overseas, extra 10K points a year)

Thanks FT-ers!