It's not much different. You already noted the extra 5% bonus on points. You also get a box of snacks at check-in -- no big deal. You have guaranteed availability, even at sold-out hotels, if you make a reservation 48 hours in advance and pay the rack rate. You generally get upgraded nicely, sometimes to a suite.

In summary, not as much difference as with the airlines, but not totally trivial, either.

Bruce