The biggest perk of the card is its signup bonus: 2 nights' stay at any Hyatt worldwide. Since the average daily rate at Hyatt hotels in 2010 was $157, we value the bonus at around $314. Its rewards rate is just okay - 1 Hyatt Gold Passport Point for every $1 spent, and 3 points for every $1 spent on Hyatt purchases.
You can probably do better with the Discover Escape or Capital One Venture Rewards, both of which give 2% rewards on all purchases and allow you to redeem rewards for any travel expense, including Hyatt stays. Those two cards, as well as the Hyatt, have no foreign transaction fee