I grew up a non-rev and I've spent my entire working career on the management side of the airline business. Once I started making enough money (and miles) to afford travel without having to non-rev, I bought "real" tickets instead. Never regretted it. I'd rather fly in a confirmed seat in Economy class than spend hours at the airport waiting for a Business class seat that may never open up.
Standby travel is great when you don't care where you go and when you get there. Ideal for a young'un looking to see the world. When priorities change and you want to get somewhere in particular and a specific time, it becomes a source of frustration rather than a benefit.