You are correct. It appears to now run $450 / year for the first card and $175 / year for each of three additional cards. The big surprise to me is that you can now use points to pay the annual fees.
Recent ED: 25 June 10, 328xiT in Red. Then headed SW to Italy & France. Flew home via Rome. Hoegh Kobe departed 22 July; unloaded at PH 17 Aug. Redelivery 11 Sept. (Re-redelivery 14 Sept....read the details here.)
Previous ED: 7 June 08, X3 3.0si in rosso corsa (*), then off to Italy, Austria, Slovenia. (*Note: A61 Crimson Red north of the Alps.)
Back-up vehicle (while waiting for re-deliveries): 1999 M Roadster in Estoril Blue.