I would go for lifetime OWE. Then you don't have to stress about getting status anymore.
Depends what benefits you think being diamond might give?
In theory they would be the following (over and above other OWE flying on Cathay)
- having more redemption availability
- being higher priority for waitlist redemptions
- separate phone number for Diamonds
- guaranteed business class seat
- being higher priority for upgrades on overbooked flights
- probably more leeway in terms of lounge access (I have a young family and CX is generous in letting them in)
- the golf cart thingy to further gates at HKIA
Did I miss any? None in isolation are 'wow' but in aggregate they are quite useful.
Oh, and do other OWEs get points when flying on Dragonair? I have never figured out whether Dragonair is a full OW member or not.
TMT