The valuation is different for everyone. I value my status even though I'm only a lowly E. I shudder to think about going back to basic of P status. (Been there, done that.)
I go out of my way to maintain status.
On the other hand, I know lots of people who don't give a hoot about status. I know, for example, one person who missed E by less than 1000 miles. Even though I pointed this out ahead of time (in mid-November) this person made absolutely no effort to get the extra miles on AC, but instead flew KLM TATL in Dec because it was cheap.