Once SPG gets absorbed by Rewards, I think this card has the potential to fill some of that niche for anyone who can cheaply put the 25k on it annually.
1) Right about at the 25k level the transfer rates (though not as flexible) are better per dollar of spend.
2) For hotel bookings the redemptions are right in the neighborhood and much more flexible.
The main drawback is the hump and the tail of the curve.