To offset the "not exactly $400 for 20k points" issue, note that you get a $25 credit with each FlexPoints redemption -- which you can of course use to buy yourself an airline GC. So really, any ticket over $375 on AA/DL/UA/AS/B6/etc (but notablly not US Airways -- they no longer sell GCs, instead suggesting you buy AA ones) nets you the full 2 cents per point, and then some.
Can be really handy for peak season too, if you wanted something like a one-way transcon on Thanksgiving Sunday ...
Also, with respect to Kiva, note that if you play your cards right, this card gives an almost 12% annual return on funds invested into Kiva if redeemed for flights optimally -- better than many investments out there! Why? Because you can find plenty of 6-month Kiva loans with low risk; you get paid back then immediately re-"invest" them (paying by CC of course). As a hypothetical example, let's say you did the following:
1. Make $10K in Kiva loans on January 1. Earn 30k FlexPoints, aka ~$600 for travel.
2. Get paid back by July (a lot of loans pay back monthly, but for simplicity let's pretend you get a lump sum at the end)
3. Get those funds back into your bank account. Immediately make another $10K in Kiva loans, funding by CC of course.
4. You'll get paid back by January 1. Rinse, repeat!
That is, at no point have you had more than $10K in float throughout the course of a year. You've made ~$1200 to spend toward revenue flights. Sure, there's a bit of downside risk (default etc) but if you pick your loans right (use kivalens.com) the expected loss is minimal. At the absolute worst, if shit hits the fan, you can still pretty safely expect a net of >$1000 for the year on your $10K float.
TL;DR: The card can be a pain in the ass, and US Bank isn't the best bank out there to deal with, but if you use this card optimally and can afford some float it can be very lucrative with a high underpants factor.