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The points. MR points can be pretty useful. 10,000 points would offset the fee. The biggest drawback is that amex makes you forfeit your points if the payment is late. In my case, the payment is always late and I don't travel anymore, do I didn't opt in.
As for using them, you can transfer then to partners - Hilton, jet blue, etc or even cash them out for a gift card. I personally am saving up for a round trip first class flight to Japan which is about 110k points per ticket.