I just signed up for the American Express Hilton Honors "Aspire" Card on the AX website. I'm canceling the "Ascend" card that they sent me to replace my Hilton Honors Visa card as soon as that can be done, which is Jan 30.
Annual fee for the Ascend is $95. For the Aspire it is $495. So, it's costing an extra $400.
However, it automatically gives you Hilton Diamond status. That means Diamond perks (for me, guaranteed room as long as you reserve 48 hrs ahead is a big one, plus automatic room upgrades), plus all Hilton hotel reservations are worth 29 Hilton Honor pts per dollar, because you get 14x for using the card, and 15x for being Diamond. I stay in Hilton's perhaps 30-40 nights a year (lots of Embassy Suites when I'm on the road <g>). At $300/nt x 29, that's > 300,000 HH points. Easily worth 3+ free nights. 7x HH pts for airlines, rental cars and restaurants.
You also get $250 credit for charges at Hilton resorts, which includes food and anything else that is charged to the room, and includes the Hilton Hawaiian Village restaurants and shops -- where I have two timeshares. One weekend night for free (a 2nd if you spend $60k). And, the $250 airline credit for things like baggage fees, or, for Southwest, for the $15/flight extra charge for early check-in.
Bottom line, the card pays for itself many times over.