Generally with the Total Rewards program, the status levels are not really indicative of anything in terms of treatment / benefits. There are some stated benefits (line privileges, discounts at retail stores, etc.) that do come with each level, but really you could be a gold with a high Theoretical Daily Loss and be swanned over or a Diamond with a low one and receive crappy offers and no comps.
The general rule of thumb is higher levels of play in each trip will net you more than more trips with less at each.