The MR 1st benefits sound good on the surface, but:
1) I wouldn't use Pay with Points, I just transfer to airline miles for > 1.25 cent value,
2) I usually stay on points, not paid, and when I pay, I try to use SPG, where I get all that anyway,
3) I must not be "select",
4) Buy a full-fare ticket... ya, right,
5) Priceline is way better for cruise discounts in my experience, and with the $1,000 I save, I can buy my own "welcome fruit basket"
"Includes all of the benefits of Membership Rewards, plus:
1) 25% bonus on Pay with Points redemptions for travel. Instead of 1 point= 1 cent, 1 point = 1.25 cents
2) Fine Hotels and Resorts program. When you book paid hotel stays with your Platinum/Centurion cards, you get room upgrades, free breakfast, late checkout and other premium benefits.
3) Free gifts from high-end retailers. In 2010 select Platinum card members got free Tumi bags. Centurion cardholders received $500 Salvatore Ferragamo gift cards.
4) Free companion ticket when you buy an international full-fare business or first class ticket.
5) Cruise booking discounts and perks"
