I'm not a V50 or a Premier (if only!!) but I've been reading these boards long enough to learn a bit about both. If you want to draw comparisons, I would put V50 at BA Gold or just above, perhaps category 5 Gold (a BA internal flag for certain gold accounts) but certainly nowhere near premier. Premeir seems to be more of a VIP level than an elite level, you certainly cant get it just by flying premium a lot. It has benefits to long to list but the most famous ones must be never sitting in the back (or near the back) of the aircraft and personal service at the airport. Golds (esp category 5) get access to special services that provide similar assistance to what jongar has described V50 providing. If Nick Merry is reading this (which I doubt very much as he wouldn't be seen dead on the VS board

) he could tell you a lot more!
Remember that VS is tiny in comparison with BA and someone that appears very loyal to them would be looked upon much less so by BA. As is easy to calculate, flying that gets VS Gold would not even get BA Silver, and if jongar would tell us how many tier points he had in the 12 months before being invited to V50 we could work it out but I'm guessing that it would come out around BA Gold or possibly even less. I remember commenting at the time that the fact that someone could become super elite so quickly (I still remember jongars posts about joining VS flyingclub and it wasnt that long ago! (no offence to you jongar, well done for doing it!)) made me wonder exactly how frequent VS frequent fliers are... again probably a lot to do with network size.
just my 5p's worth!
dnw