I hate this emerging trend of making you hold the card for greater than 12 months to get the maximum bonus available.
Just remember that 200,000 Amplify points only equals 100,000 Velocity points. And you'll need to pay the annual fee to get the full bonus. So $279 for 100,000 Velocity points is really wants being offered here. When you'll get all of those points awarded to your account isn't clear. But it will definitely be more than 12 months before you see the 200,000.
Biggest problem I see is being locked in to this card for such an extended period of time. In the same amount of time I could easily have churned 500,000 worth of Velocity points by using other cards.
I hope that this is not a popular offer as I do not want to see a trend of these long term deals being the norm.