Platinum (or other elite, see below) status is good for a few things:

1. Typically, double miles on all flights. You get 10,800 miles for a Boston-S.F. round trip instead of 5,400.

2. Early boarding so the overhead bins are still empty when you reach them.

3. Special phone lines with better-trained agents and/or shorter waits.

4. Better treatment if something goes wrong.

5. Shorter check-in lines by using first or business class check-in when flying economy.

6. Depending on the airline, free lounge access or reduced-cost membership.

7. Special luggage tags, to impress the easily impressed.

Is this worth it? That's a personal decision. Since I already fly a lot for business, I find the added perks of AA Exec. Platinum status would be worth flying a few extra miles if I had to. At one point in the past when I found myself about to end the year with 49,200 on Delta I took a short round trip to get over 50,000, justifying it by the additional bonus miles I'd earn the entire year after. (It was on a Sunday afternoon when I had nothing else to do.)

I personally wouldn't go to some of the extremes others do, but that's just me. Is it an obsession, an addiction, or whatever? At worst, it's a harmless hobby that combines some intellectual challenge, seeing new places, and meeting new people with several hours of discomfort and bad food.

Two other thoughts:

1. "Platinum" is not a universally used term. At Delta, it refers to the top tier of three (100,000 miles/year). At American, it's the middle tier (50,000 miles). United has its own quirky terminology with no precious metal references at all. Airlines vary.

2. Cashing in miles for free flights may not be the most effective use of your miles. I use most of mine for upgrading discount economy tickets. My other major use is giving flights to friends and relatives. I'll only get a free flight if paid tickets are expensive.