The benefit I really value from status is priority check-in - if you're at an Asian airport with a massive queue for economy check-in it saves a lot of time. Priority boarding helps me travel HBO with confidence I can stow my bag. It's funny how perceptions are different.
On the other hand, lounge access gives a drink and a cheap meal, in outstations it's usually not a great spread, I will always use it for convenience and a bit of swagger factor, but as people have mentioned, for £20 (and probably expensed) you can have a perfectly acceptable lounge equivalent in a bar or café - this is what I do if I travel on a LCC or other airline. I suspect it's the "they're allowed in and I'm not" syndrome coming into play, which is status working as it should.
And personally, I wouldn't go unless Ringo was given a 20 minute solo spot. He's much underrated both as a drummer and a singer.