Is the 100,000-point Chase Sapphire Preferred offer one of the best deals ever?

As you may well have seen, the Chase Sapphire Preferred® Card (see rates and fees) just launched an offer that the points and miles world is going a bit bananas over (including here in the halls of TPG). In case you missed it, new applicants for the Sapphire Preferred can currently earn 100,000 bonus points …