it just so happens I got my “annual fee” charge this month and it’s $149. And my card is the cheapest one you can have that gets you 4 Upgrades per year (is that calendar year or “membership year”?)
An upgraded boarding costs $40 one way (this is different from Early Bird, just to be clear), so I come out ahead if I use all 4. On top of that, you get a bonus of 7000 points per year, I think? Which equals roughly $112. Overall, if you fly a lot, I think it’s pretty worth it.