I value HH Gold - and the fun part is, I do nothing to actually 'earn' it - outside of paying the AF on my Amex.
Reason: not every hotel stay is at a 5* lux property. Sometimes you gotta be somewhere, and there's a solid 4* Hilton with a nice exec lounge. Gold really helps in that situation - free lounge access, free breakfast, internet, upgrade, etc.
I also like SPG status - for hotels not in the Virtuoso portfolio - I.E. who wouldn't want free wifi, breakfast, upgrade, etc at the St. Regis Osaka?
Otherwise, don't really care. Definitely don't care about airline status, period.