This is a very good deal. Most credit card with this size bonus have an annual fee. This is an Amex card, so you will not get the bonus if you have had this card before.
You will receive 70,000 points after spending $1000 during your first 3 months of card membership.
Depending upon the hotel you select, you can get several free nights with that number of points. And, you will receive 3 HHonors points per dollar of regular spend on the card.
Hilton HHonors points can be used at ten different Hilton hotel brands: Hilton, Conrad, DoubleTree, Embassy Suites, Homewood Suites and others.