Eric, I dunno...
When travelling TATL/TPAC, I get a few free cocktails on the ground, and then my free cocktails on the plane (J/F).
The AAngels, in fact, seem to do more than any other service can provide -- getting booked on last-minute oversolds is probably the best deal in it all. I got on a flight that a 20+ person standby list, by virtue of being PLT and asking the AAngel (even though the Plat line was no help, and wanted me to leave the next morning on UA).
For $350 a year, I get a private, quiet place in the airport to keep working, sit in a comfortable seat, enjoy complimentary soft beverages and some little snacks. CNBC or CNN are usually on, as well, so I get caught up on the day's news. It works out to a few bucks per visit over the course of the year for me.
Now... before someone accuses me of being a shill for AA, I'm not, I just put the club experience in perspective. Maybe when I make EXP later this year, and start hanging out in the FL's... then maybe I'll look at the AC as slumming
Cheers,
-Andrew