Agreed that it would be a good idea to offer lifetime benefits - that might get me to be even more loyal to ICH. I've been RA since the program began (2004), and prior to that, have been 6 Continents Ambassador (they had 3 tiers - Standard, Executive after 30 nights or $15,000 in spend, and Ambassador after 50 nights or $25,000 in spend after that). But I feel like I get no credit for my almost 20 years of loyalty. Which is a shame.
As others have mentioned, Platinum is beginning to mean something, but it's still not the equivalent of Marriott's, SPG's, Hyatt's or Hilton's top tier program. RA of course is a superior program. I'd be more excited about lifetime RA than lifetime Platinum.

In the case of Air France/KLM, British, now American+USAir, the lifetime program caused me to spend more money with those airlines, and I'm currently working on my 4MM status with United for similar reasons -- exceding the requirements for being top tier.