I too gulped when the charge went up but still find the card offers VFM, just not as much. The addition of the CX gold (automatically renewed this year)has probably swung it for me but if the cost goes up again I'm out.
If you don't travel much independently (e.g are covered by company travel /car insurance) and already have airline status then it's worth considerably less than for those like me who travel fairly often but usually on the lowcost carriers and only occasionally on BA. PP is especially handy now that additional guests are free. The rare trips through T5 are infinitely nicer thanks to the CX gold ('twould be even better if it were for both Platinum holders severally;-)