As an AA EXP, the thing I value most from my status is the SWUs. I am hooked on travel and consider the flight part of the overall trip/experience. With my SWUs I have the ability to fly business class to my International destinations (all picked based on decent CPM fares) that I've wanted to visit. I may have to adjust the time of year I travel to work for better fares, but my work schedule and 5 weeks of vacation a year allows that.

Having free checked bags is nice when I resort to that. Most of the time I'm carry-on only. But when I'm bringing back some great HEB vacu-sealed pre-marinated fajitas and some frozed axis venison from Texas, it's great to have the checked bags with no fees.

Upgrades on domestic flights are great, no argument there. In the past 4 years I've not been in Y on any flight longer than 2 hours. I am a bit spoiled there and do my best to ensure I'm in F on any longer flights. So far, its worked well for me.

Having status has certainly saved me plenty of $$$ and miles for upgrades that I would have otherwise purchase (if available). My annual spend is relatively low but I get to go to places I've wanted to visit,in business class,and explore new places each year. It'll be a long time before I run out of places I want to see.

Example: In 2013 I'm headed to Venice for Carnivale. AA airfare was not too bad and I used SPG points for a hotel during the stay. Two years ago I went to Rio for Carnival there so I'm looking forward to seeing the differences.

To make an overly long story short: AA EXP status is not overrated for me and what I get out of it.