The AFR subscription wasn't something that really factored into my thinking when I got this card, I wouldn't have paid for it so to me the value was $0. However, gradually the benefits of the card are getting scaled back (Shangri-La status, $400 Reserve travel credit for new applicants, Priority Pass restaruants) and the fee isn't being reduced and the only benefit that has been added is the Net-A-Porter credit, which I think is probably worthless to most people.
Some of these things have been global changes for Amex (Shangri-La, Priority Pass) but the local Amex needs to step up and start finding ways to make the card more attractive or its going to lose customers to the churn-and-burn cycle. I hope the 'exciting' announcment that's upcoming is better than the Net-A-Porter offering.