I managed to find a hotel that was only $2/night more on Amex than other sources. I booked just before my statement date and the $200 credit posted on that statement, but the charge is on the next one, which is nice.
Less nice is the confirmation screen that doesn't even list the fact that I chose the breakfast inclusive price. For that matter, it doesn't list anything useful beyond the hotel name and dates. No price. No receipt. It's closer to a child's school project than a professional web site. (There is a proper receipt when you first book, but none of that data seems to be available if you go back to manage/view the booking later.)