Yes, and to expand on that, all the various awards. Admittedly AA could have reward partners without OW (and they do) but the ability to fly to and from Chicago or LA or Dallas every few weeks and then get a free business class ticket to Bali on Cathay is nothing to laugh at.

Also it was also mentioned above but preferential treatment like first class check in and similar is nothing to sneeze at either. Not sure how many have been in the SCL airport recently but when flying LAN recently -- just as one example -- I had access to a completely separate check in room, with a dedicated security and immigration line hidden away off to the side. Then a dedicated "preferente" line for boarding. I never even went near the unwashed masses in coach (my class of service) until I actually got on the plane.

I'll take it, and like it.