I don't do any business travel, it's all leisure. I go for PremEx on UA and MVP Gold on AS. As soon as I "hit the number" for each, I stop flying for that year. For me the biggest benefits are as follows:

1. Security line fast line. Seriously. I hate the hassle of flying these days. At least with status at many of the airports I can "fly through" the security line. It makes things less stressful.

2. Getting a better seat when they're available. I have a certain # of hours before I'll even put in for an upgrade, but being able to get the exit row or E+ ahead of time is really worth it.

I figure that I'm going to visit the places anyway since my family and friends are spread all over North America, so might as well go for the status!