Glad I saw this post, was going to wait to get it. I just got the Sapphire Preferred about 9 months ago, right before the Reserve came out.
Since you get $300 back from travel (easy for me, as I fly to see my family 2-3 times a year), the real cost is $150 a year (compared to $100 for the Preferred). Rewards points being worth 20% more easily pays for the rest.
Another great benefit from the Sapphire cards is getting reimbursed on anything you buy if the price drops afterwards. A lot of mid/high end cards have it, but the time period for the Sapphire is pretty generous.