I also let my AC status lapse this year, simultaneously with a calculated decision to travel less overall for business. This has been partially offset by more leisure travel. I agree with you entirely that the liberation from AC has been favourable and the financial impact of PE, bag fees, lounge access, etc has been negligible. This is partly due to WS's status match, which so far has worked out well. Going forward, even if my WS status lapses I think I'll be better off.
In the same manner as dumping a troublesome spouse or employee, you don't realize the overwhelming sense of relief you'll feel until you actually do it.