What I like about this offer: No long-term commitment: Give Chase a try, and if you are not satisfied, close your accounts and walk away with 25,000 extra miles in your account. Plus, baggage fee-waivers apply to debit card holders flying Continental Airlines. One more plus: 25,000 miles might just convert over to United Airlines miles next year as the merger process continues.
What I don't like: Very little: The annual fee, but it is fairly insignificant considering it is in exchange for 25,000 miles (a free domestic ticket in coach). The bank will probably need to run a credit report (read: inquiry) on you as well. And, must walk into a brick-and-mortar to open the account; no can do online.
Overall, seems like a pretty good deal! One I will be taking advantage of this week.