A thread a few months ago couldn't come up with the list of contract lounges:
http://www.flyertalk.com/forum/miles...ccess-ftl.html

FTL on BD & LO seemed to have some privileges in LHR T1:

http://www.flyertalk.com/forum/miles...ge-access.html

The mysterious OS FTL contract lounge access rules were discussed way back when in 2003:
http://www.flyertalk.com/forum/miles...os-ticket.html

The benefit of FTL as far as I could remember (in the M&M game only since 2000, I was an EK fanboi before that) was:

- additional luggage (used to be F allowance on LH&co operated flights, now just extra piece or sometimes 20KG)
- lounge access at select stations, mostly owned by the M&M family airline
- 25% exec bonus
- C class checkin with M&M airlines and some *A partners (eg SK, UA etc)