Status and mileage chasing in its own right? No, definitely not. But then it depends what you want out of any loyalty program, which, if they're well designed, from the airline's point-of-view, will give you as little as possible back.

As we know, most of the programs only begin delivering decent rewards i) if you travel alot; ii) using full fare / premium cabin tickets.

There are the less-widely advertised benefits - such as preferential seat allocation, use J desks when to check-in irrespective of class being travelled, front-of-the-queue for operational upgrades, guaranteed bookings even on oversold flights - but it depends how valuable you think these are.

And before everyone gets over-excited about the op-UGs, the experience of most FT'ers appears to be that this happens rarely.