Looks like they updated to match the 100k Qantas bonus.
Worth the wait.
$440 for 100,000 Velocity points.
The cost of 1 point is $0.0044
I have recently redeemed by return business class trip with Singapore Airlines through Velocity.
137,000 points for SIN-MEL return, which costs $3500-$4500 depending on when you book.
Take $4000 exchanged by 137,000, that is a value of $0.029 per point.
Cost per point: $0.0044
Value redeemed per point: $0.029
Obviously that depends on how you redeem, but generally it's worth it if used right.
It's an alright card, although the annual fee is up from $375.
Be aware that amex usually draws higher fees at some places, and also just isn't accepted sometimes.
The card deals are pretty disappointing and those you might actually use get claimed pretty quick. You need to find a deal and then save it to your card to be able to use it, but they have a limited number to claim.
On the plus side, the app is very intuitive to use and you can set up auto payments for the full amount on the due date.
If you make use of the comp flight then it's very worthwhile.