I would go with the breakfast. The 500 points are not worth much and while the continental breakfast is not great, it's a $15 upgrade to get a most of the hot breakfast items. There is no lounge for platinums, there is a lounge for those that stay in the tower, but there is no access to non-tower guests, well officially anyway. The doors aren't actively checked so a good number of people "tailgate" in durning the evening cocktail hour. That said, you probably won't get access, see the other posts, about how hard it is to get an upgrade to the tower, and if you do, the "breakfast" is pretty unremarkable. Don't remember what the alternative was.