At this moment, this card is having a 70,000 bonus point promotion. This is how it works. You need to spend $2,000 during the first three months of getting your card and 70,000 points will be deposited into your Ritz Carlton account.
The key question is how much is the 70,000 points worth. It really depends on the tier (or category) of hotels you are using the points for. At the top of the range are category 5 hotels. They require 70,000 points to redeem for a night's stay. At the lower end are the Tier 1 hotels which require only 30,000 points for a free nights's stay. Hence, you can get two nights stay if you redeem for a Tier 1 hotel.
Another thing to bear in mind is that since Ritz-Carlton is part of the Marriott group. Hence, you can also redeem points for stays at Marriott hotels.
Below are the point redemption charts.
You can get even more bang more the buck with their "point savers" program where you need less points than usual. But these are limited to certain hotels and require advance bookings.