With all the mileage devaluations and the annual fees you usually get, I'm starting to sour on cards that earn miles (unless you're in a situation where you can charge 40K + a year with no earning cap).

My credit union had a points based program under ScoreCard for no annual fee where 20K can get a freebie in the 48US/Canada/Alaska. One big catch: The value is capped at $325 or you pay the difference (but you can do your own research during a sale & dictate the exact flights, airlines, etc.; anything goes as long as it prices below $325).

Did an award on such a 20K deal for an ATL-LAS RT this week; the great thing was that the trip EARNED miles and also got upgrades (as I got it on an airline where I had plat status).

The program also has a USAir partnership where they offer awards on their system in the 48US/Canada at 25,000 points ($1 = 1 point) with no cap on value (in case you need to go to Montana).

These type cards may actually have an edge in the future if airlines like CO keep cutting seat allocations and using "EasyPass" as a de facto 50% devaluation. OTOH, I'm not sure in today's volatile environment that I'd want to build up too many miles OR points in any program. Better to use as you go.