Luggage Allowance
One thing I have not seen mentioned which I think is a great benefit at the holidays is elites at ANY level are still allowed to check up to 70 lb bags free of charge. If you get upgraded to first class you are allowed to check 3 bags (up to 70 lbs) and coach class up to 2 bags.
Since I live away from my family this is a great benefit during the holidays.
If you are a student this is a great benefit also.
In addition the pre-boarding almost assures you will have overhead space available to you.
So if you can do one run and get it I would say ABSOLUTELY worth it.
All my travel is for pleasure and on my own dime and I have qualified for at least silver for the last 5 years. This year I just hit Plat in June for the first time and it is worth every penny.