Its a tough call and I'm thinking the same. Yes the QF Flounge and other OW Flounges are a very welcome sanctuary. But to me, its better QF/OW seating, no significant phone queues, ability to request seats (about 66% success rate) and better leverage when requesting - whatever. I don't really try or even expect upgrades.
Yes, all good points (and very worthwhile benefits). You forgot the warm glow that comes with that special Platinum recognition on board!
I would never risk a points upgrade from long haul Y to J, but I use points upgrades all the time for short domestic east coast hops (i.e. when it's not the end of the world if it doesn't come though...). I've also had pretty good results with longhaul J to F points upgrades (75% success rate). So priority for those requests is definitely worth something to me. Also priority for service recovery when flights are cancelled or something else goes wrong. Those plus Flounge are probably enough to keep me on the status hamster wheel.
