I agree too, PenFed has been wonderful to us, if I apply I will keep it and not cancel.
Call me a sucker but I for one won't be getting this card simply to milk the $200 free signup and then cancelling. Penfed has been one of the few institutions that has treated us well and I don't want to exploit them. If I do sign up for this card, I will keep it and pay the fee. If the signup is $200 and the fee is $50 then it means I get the card for 5 years without expense.
Penfed gives us the 5% gas card that frequently offers bonus 5% deals for airfare and school purchases. Let's not screw them over.
I received an invitation from PenFed in the mail to sign up for this card. 20,000 points sounds good, but if you look on their site, you need 42,200 points to get a roundtrip American Airlines ticket. You can get $100 gift cards for 10,000 points, but none of them look particularly useful.