I suspect "It's metal" IS the real reason it's popular here! (+ AF waived so it's free for the first year).
Viewed as a cash-back card, it's not all that great and certainly not worth the AF compared to others, but that is not the real point of the card. The major feature is the ability to transfer UR points to partner airlines and hotels. (And some of the Inks allow this as well). Ideally partner this with a card the earns a lot of points, such as the Freedom with checking (although the point earning potential of this will decrease for all as grandfathering goes away). If you do this, along with things like no AF and the dividend, AND you do a spending and travelling in premium cabins, this card is really good.
I would suspect though that many people seeking it here don't fit that description, but want it for other factors (read metal).
Actually, I don't get the love for Freedom alone either. Need to pair that with something to make it interesting, as the 5% categories, even with the 10% bonus from checking, are capped really low.
