Yes, you get lounge access, but it's really only useful because it allows you a place to take refuge during the part of your delay that might take place before you board your plane. Is it too late for you to refund and book a train ticket, by the way?

On a different note, when the alert for this thread popped up in my in-box I was curious to see who the OP was, and was shocked to discover that it was yours truly. While I'm still *G, it's been a long time since I've thought twice about its benefits. Since all of my current travels involve Shanghai, I now find myself on MU most of the time, and because I foolishly credit my flights to DL, I don't have a lick of Sky Team status to show for it. But, honestly, flying MU as a zero isn't a whole lot different than flying CA as a *G (never have to wait for more than a minute or two to check in if you're smart, exit rows and bulk heads are surprisingly easy to score, and waiting in overpriced airport restaurants is at least as comfortable as most lounges in China).