I need to until May 2013 because I have award bookings through till then*. At the moment I'm leaning towards canning it and paying the $450 for the Ultimate, if it is not significantly enhanced, and using HSBC plat for overseas spend, and Citibusiness Gold for local non Amex. This will give me an annual fee of about $800. If I kept the plat charge card I'd drop the HSBC card so my annual cc fees would be about $1300.
There is a bit of value in Priority Pass for me, but not enough to justify $500. There is little value in the 3 points on restaurants and I'll only lose a few points on the 2 points for travel - mainly on Australian Hilton stays. (Although my locals stays are predominantly IHG and Citibusiness looks after me nicely there.
*I have long haul international JASA's and FASA's in August, September and December 2012, and March April and May 2013.