Well I tried out this service today at LHR. I suspected there really wasn't much value in this service assuming you already know LHR and do not have any baggage issues? Aha! As it turned out today, after 15 minutes of watching the bags go around, I handed my baggage receipts to the very nice VIP escort lady and she went off to queue up with BA to ask about the bags while I continued to wait with many other people. Eventually it was clear that lots of us were missing our bags and thanks to the VIP service I didn't have to wait in line to make my claim with BA.
Also she had fast track immigration passes which turned out to be good as our flight didn't have any in stock and the huge crowds in the immigration hall this morning meant that Fast Track saved me a lot of time.