They keep tweaking the goodies that come with Green vs Gold (rate of points accumulation, and so forth.)
You can lay out the current versions side-by-side and determine if one is better for you, and then whether you're OK with the fee. Since the Green is this new, you might be able to product change to the Gold and just have one account showing, but you would definitely need to untangle that with a CSR.
I had a Gold for 11 1/2 months (no fee first year), closed it, and opened a Blue credit card instead. I'm too cheap to pay fees!
You can lay out the current versions side-by-side and determine if one is better for you, and then whether you're OK with the fee. Since the Green is this new, you might be able to product change to the Gold and just have one account showing, but you would definitely need to untangle that with a CSR.
I had a Gold for 11 1/2 months (no fee first year), closed it, and opened a Blue credit card instead. I'm too cheap to pay fees!
The account reported to CR's does not indicate what type of account (Green, Gold, Plat). It just indicates AMEX, open date, high balance, etc. So as far as your CR is concerned, there is no difference.
Here is a comparison page:
http://www.americanexpress.com/lacidc/iccsite/compare_the_american_express_cards.shtml
Gold is supposed to have more comprehensive Travel insurance, misc travel services, gold card events access, international companion fly for free, Hertz rental membership, etc.
If you don't travel alot, don't go to events, don't rent from Hertz, aren't needing to take a companion internationally, etc....then you probably don't need the Gold.
However, if you go to a single event per year, then having access to ticket 2-3 days early in the "preferred seating" sections is worth it. Other AMEX cards can get you early access to tickets, but not to the preferred seating, meaning you have to go nose bleed. So for popular or fast sell out events, this is nice to have.
As for the travel insurance, many cards now provide travel insurance. I just filed a claim through USAA AMEX for trip cancellation due to sickness.
IMO IME 
I might go that route...same rewards, right? And would there be any negative results of 'downgrading'? (e.g., will they think I have less $? 
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Annual fees give me hives 
. I love AMEX but would never pay them a dime for the use of their cards. Cancel your Green or Gold before the first year and pick up one of their free offerings; I have Blue Cash.........
. I love AMEX but would never pay them a dime for the use of their cards. Cancel your Green or Gold before the first year and pick up one of their free offerings; I have Blue Cash.........