There are other threads on this topic. Everyone is different, and where and with whom you travel are also large factors. Upgrading domestically in Europe often simply means an unoccupied middle seat, which no is not worth the cost they charge for it.
I lost status a few years ago and have been relegated to economy or paid first for domestic US. I am a large guy, and for me it is a big difference. I have noticed it far more since I have been stuck in the back so much more - it really turns a flight into a very miserable experience. At the same time I don't think it is sometimes worth what they try to charge, and I have started doing the extra seat thing. Of course, it depends on aircraft. I can take a E170 or 190 for a few hours in coach a lot easier (wider seats) than a 737.
As a leisure traveler and someone whose time may not be worth as much as some others here on the boards, those extra amenities like transfers and such don't mean as much. Lounge access would be real nice, but I can entertain myself in an airport a lot easier than I can deal with sitting in a cramped seat. But again, everyone is different.