I think there's also a difference between the occasional traveler and the elite traveler.

As an elite I get 3 free checked bags up to 70lbs, I don't get IVB, free same day standby, the rules are more flexible and I'm near the front of the line for a reroute, I never have to gate check due to full overhead bins, etc. All of this translates to real dollar savings. Sure, I can go online and book the cheapest fares from whomever but in the long run it can end up costing significantly more money.