What benefit, pray tell, is worth over $450?
The one I'm going to get is an aeroplan (Air Canada's points program) amex. If you can spend $30k/yr on it, you'll get a ticket worth something like $500. That's just in regular purchases too. If you buy special things and buy from the right places it'll be more than that. Then there's the stuff like free lounges and food on planes etc.
You also get a free companion ticket per year on a North American flight too that's worth up to $500 or so.
Really though, if you can get the free airline ticket, you're ahead. I'll be doing a lot of traveling for work and will travel home for the holidays with my wife. Having the extra ticket will be nice as well.
The bottom line is I may be putting up to $70k a year on it for work, which will all be reimbursed. The rewards work out to something like 3.5% cash back at that level, but in air points. That works out to almost $2500 in benefit to me, and I have to pay $500/yr for it (Canadian...).
These "high end" cards can be worth it, but you have to spend a ton of money on them in order for it to work. If not, you're just buying $250 jeans.