I did this deal when it was offered last year. A couple of things to note:
1) You can't talk them into waiving the annual fee for the first year so plan on the $95 fee.
2) Perhaps more importantly, BA like most European airlines charge separately for huge fuel surcharges when redeeming ff awards. For example, although you can redeem 50k miles for an economy ticket from the US to London, the fuel surcharges and fees are over $400. Somehow $400 doesn't feel very "free" but it is still a decent deal compared to a paid ticket.
There are some tricks to avoid the fuel surcharges, mainly redeeming the BA miles for American Airlines domestic trips instead. There is much discussion of this over on FlyerTalk.
Originally Posted by brianmanahan