What's the value of reaching the top level? Well, this is subjective and you'll hear many variations but this is mine on American:
* 100,000 miles flown = 200,000 miles in the bank (100% bonus for flights). Enough for 5 trips to Europe or South America in economy or 2 business class tickets. Min value $2,500
* 8 System-wide upgrades. Value $4,000
* Lounge access. Value $800
* Free domestic upgrades (unlimited). Value $1,000
* First class check-in, dedicated phone line, expanded award inventory. Value $500
* Total value. $8,800
100,000 EQMs = $8,800 = $0.088 per EQM. This being said, I usually spend around $4,000 to reach 100,000 EQMs or $0.04 per EQM.