I generally fly long-haul J (and have reached S100K and MM) and I do find it fawning. (And the last time my spouse flew along, it was so over the top she could hardly stop herself from giggling.)

A discreet "Welcome back, Mr. Montrealer, what would you like for your main course?" is appropriate and appreciated. Or a friendly word if it is a SD I personally know.

The faux-friendly, "Wanted to introduce myself. My name is X, I'm your SD. We really appreciate your business blah blah blah If there is anything I can do for you, please let me know blah blah blah for 3 more sentences" is somewhere between embarrassing (as other people around me listen in) and annoying (if I'm trying to finish something off before departure). It's wasting my time and that of the SD, and has an air of fakeness about it rendering it at best meaningless. I never thought about it before, but it must be doubly annoying to non-S100Ks around me.