The points are more useful for those of us in Israel with the advent of Fly Store (a site where you can buy goods with the points - some of the "sales" are excellent).
I expected to see a couple of KDL passes tossed in each year like on the United or Lufthansa cards and a slightly better value proposition, like 1:$30 or $35.
Being $0 first year and no FX fees, I'll probably pick it up and give my Matmid balance a boost. Perhaps I'll even manage a seat upgrade or two...