Yes, points based card are better, but not the low variants like Neo or my zone. Privilege is quite good, as it gives 10 points for 200 and there is option for double point value for Myntra vouchers.
5x/10x is usual offers. 20x is special festival offers. And 30x is first time festival offers.
5 points in general is 1 rupees, not 2. Only for privilege card, it can have value of 2 against Myntra Vouchers.
And yes, this is currently one of the best card, assuming axis fulfills as mentioned and offers stay for long.