Don't know why people keep trying to say 40k points = $200. 40k points = $400 when applied to any sort of travel expense. If you never travel, then no, this card doesn't make sense. If you are able to take advantage of the sign-on bonus, then this card makes a lot of sense.
For example, it would be superior to the Citi Double Cash or the Fidelity Amex for approximately the first 8 years because that's how long it would take for the $59 annual fee (free first year) to offset the $400 bonus. And, given that you get the money up front and there's no telling what each reward program will look like 8 years down the road, one might argue that it is just superior period.
The Venture would also be superior to the Barclay's Arrival+ if you spend up to $15k per year. The Arrival+ offers basically 2.22% rewards compared with the Venture's 2%, but the Arrival+ also has a higher annual fee of $89. It would take ~$15k spending to overcome the difference in AF. So, for moderate to big spenders, the Arrival+ makes more sense, but for a lot of people, the Venture is a better deal.
Even if you don't travel using the Venture points for cash at half a cent per point is silly.
If you really want to get cash back you could for example buy a Southwest gift card for $400 and sell it for around $370 on places like Ebay, minus fees and should stil net atleast $340, a lot better than $200 Cap One will give you.
@jug: Nothing's ever ethical anymore. 
I froze my EQ as well as EX, still fighting 5+ bank to get their double pull remove. Will Cap1 approve with a TU pull? They have send me countless offer for more than a year now. I still hold a grudge against them for denying me plat prestige back in 2013 but i could use the venture to buy some AA points.
I agree all hype. Remember at fico. Hgh starting limits rule soon as someone gets 20k limit. Myfico members on it like flie on grits. 