Just got mine today, I'm on NAB staff rates, so no yearly fee and only 10.5% interest so I'm pretty happy.
In regards to travel insurance, today I received the following in the mail. (update to t&c's)
"From June 1 the "activation criteria" in respect of the Overseas Travel Insurance Cover under the policy will change. The cover will be activated if you are a NAB Platinum credit cardholder and prior to the commencement of you journey you have paid a minimum of $500 of your transportation, costs (including travel by air, rail, road, or watercraft) and/or accommodation costs and/or organised land tour costs all of which are inclusive of any charges, fees and/or taxes (excluding foreign currency and travellers cheques) with your card.
Also:
The insurer has now changed to Chubb Insurance Company of Australia Limited.
So basically as long as you have spent $500 towards you trip on your card prior to leaving, you're covered. I reckon thats pretty reasonable.