The quality of the lounges that can be accessed via Priority Pass (PP) vary so greatly that the "bad" ones make me wonder whether PP is worth it, while the "good" ones make me believe it's worth it.
Generally speaking, the lounges in the US are good. They're either DL, TW, US, and/or NW lounges.
But some lounges overseas - such as the one in Narita - leaves me wondering why to even bother. The Narita lounge is in some hidden upstairs-or-downstairs-I-don't-know-which location that is *beyond* passport control.
However, the Plaza Premium lounge at HKG is fantastic: 5 internet-connected PC terminals (free of charge to use), showers, and best of all, ice cream available even during the breakfast hours.
I am coming up on renewal time in a few months, and I am seriously considering a switch to CO's Presidents' Club. But the limitation there - as with most of the US airline clubs - is that access to lounges outside of the US is severely limited in comparison to PP.
So if you'll be flying mostly domestic, I'd suggest a US airline. If your destinations require you bring your passport, then I'd suggest seriously considering Priority Pass.
Now if PP would only get their lounge directory into a Palm computer format with live updates instead of a booklet to lug along...