I would switch over, but my gut feeling is that Chase will soon go to 2% as well.
I've had the citibank dividend card since 1987 when it was paying a flat 2% on everything for years until they switched to the 5%/1% deal recently. So now I'm almost back to the same deal with 2%/1%.
Still not bad considering I've paid $0 interest on the card and received almost $4,000 in "dividends" from them over the past 19 years.