I haven't held the AMEX Plat card in a few years and don't really follow it's benefits that closely. Curious which benefits have been watered down?
Lounge access on other carriers.
PTS quality has gone down drastically even though they charge ticketing fees. They don't permit you to use a personal agent. Their best people seem to have moved to Centurion. Now when you call, some random inexperienced travel agent answers who doesn't want to do anything beyond making bookings that can be done with a few clicks, such as booking smaller hotels, contacting the hotel with questions, or making a dinner reservation in the hotel's restaurant when they are booking a room.
At one point, you had guest privileges in a network of private clubs.
Free FexEx/DHL overnight delivery of foreign currency (that of almost any country was in stock and unusual ones required a couple days to special order) at bank-type exchange rates.
Customer service generally isn't good as it once was, back when the Platinum card was invitation only.
OTOH there is the $200 airline credit, PP, and the GE application fee.
I haven't used their fine dining reservations program recently.