I have had the card for about 10 years and they still going strong.. although I was previously based in the USA and that is were it's mostly targeted and the value comes in. I travel a lot so it's of value to me. It used to be just the one level for all benefits now they have split it into two with Elite being the only one of real value now.
It's hugely beneficial as a kick starter if your going to use a lot of car rentals and hotel nights.. you get instant Presidents Club and Presidents Circle with Avis and Hertz along with many High End Hotel elite add-ons.
Also offers great discounts on SIXT rentals that although not well known in Australia, are an awesome car rental company for high end vehicles in the USA (I recently rented a BMWx7 for a week from LAX at $600 USD)
There is a 25% discount offered on Qantas but I believe that's only if your purchasing Australia bound flights originating from the USA.
If your a frequent USA traveler (as in multiple trips for weeks at a time where you stay in hotels and hire cars) then it's an absolute winner. If your travels are limited or mostly through Asia then probably not worth the initial outlay.