So check my math, but it looks like the Sapphire Reserve is the better option over the Preferred.
For the extra $450, I get $300 annual travel credit, $137.50 more in points value when redeeming miles through UR (1.5 cents versus 1.25 cents), $100 Global Entry credit, plus the Priority Pass at airports.
Sucks that I've also got to shell out another $75 to get my wife a second card, but that's the same cost for both Reserve and Preferred.
And if I choose the cancel the Reserve (like before incurring a second annual fee), I either redeem my points before I cancel or just transfer them all to my Rapid Reward account?