On the Virgin Atlantic White* card you accrue one Flying Club miles for every £1 spent. In addition, spend £15,000 on your card in a year and you'll get a free companion ticket to use when you redeem your miles.
Flying Club miles can be redeemed on Virgin Atlantic and some of their partner airlines, including ANA, Jet, Singapore Airlines and US Airways. See the Virgin site for where you can go.
Spend £10,000/year on the Amex card and you’ll get an upgrade from economy to premium economy (upgrades to other cabins are not permitted). You must pay for the flight using your Flying Club miles and you can only earn a maximum of two upgrades a year (so even if you spend £40,000 you’ll still only qualify for two, not four, free upgrades).
Spend £15,000/yr and you'll earn a free companion ticket, which can be used to get the same ticket type as the cardholder (if you go first class, so do they), though only on Virgin Atlantic and is valid for 12 months. You'll also need to pay taxes and charges.