It is starting to get interesting, as AC and Aeroplan erode the Elite benefits. In fact, it is surprising that the benefits distinguishing Elite from Prestige only come down to:

-better Aeroplan response time
-AC e-mail
-reward sale for N/A in J
-buy a ticket and claim a companion ticket (though only valid on Y/M fares)
-higher standby than *P
-upgrades (but those are about to go out the window)
-lounge passes
-baggage tags
-hotel lounge access (LHR)
-Worksite access (YYZ)
-arrivals lounge access (LHR/YVR)
-free delivery of reward tix (though there is now a fee for paper tix!)
-lounge access (*A)
-priority check-in (though *P get this on AC anyway) (*A)
-priority boarding (*A)
-priority baggage (*A)
-extra baggage allowance (*A)

It seems that, with the exception of the priority standby, lounge access, priority check-in, and priority baggage handling (when it works), there is little benefit of being Elite, especially if one is a *P w/a Diners MLL card! I remember the days of any-fare upgrades, instant KK in J, the ability to purchase upgrade certs w/miles, the free changes to reward tix… Those were the real benefits. Now what’s left?!