That is for the Canadian AMEX platinum. The U.S. model is currently $450. I've had one for several years. I think it was $375 when I first got the card. My favorite perk is free access to airline lounges like the Delta Sky Club. That can add up if you paid for a pass each time or bought memberships.
I have a Delta Skymiles AMEX gold card too. I got it because of the earlier boarding zone perk, and for the 'free' checked bag. So the fee for it is worth it to us. We fly next week and instead of having to pay $75 for luggage we will pay nothing. Plus the zone 2 boarding means a better chance at overhead storage. Really though, it is sad that anyone has to buy a credit card just to get those kinds of 'perks'.