-- systemwide upgrades. I "regularly" fly on $900-$1100 V fares to CDG/LHR and LOVE the upgrades. (not a benefit if you only fly in N. America but a Super Deal to Oz, Europe and Asia).
-- access to MLL lounge even when not travelling AC (has been quite useful for me)
-- access to J seats if not oversold for reward travel, Elite only get Y guaranteed now? -- no blackout dates
Upgrades are the #1 reason why I will try my best to make SE. I paid $1570 for my last couple H class YYZ-HKG. The tickets are fully changable if the H inventory is available with no change fee. The only difference from a full fare Y is that H is non refundable. I absolutely LOVE it.
Access to unsold J award seats is also a big plus. I only use my points to claim J class YYZ-HKG and D class YYZ-HKG is usually never available unless you are really flexible and book well in advance. This benefit comes in really handy especially if you are talking about dates around Chinese New Year and christmas.
Overall, those benefits saved me quite a bit of $$.