Well I wouldn't say the value is zero for all of the benefits:

MEMBERS ONLY SAVINGS
Members only sales occasional saving; but patchy and short notice
Lowest available rate rarely seems to work; too many exclusions in the ts and cs & painful awkward and slow process
Insider experience offers zero value
Preview our newest hotels zero value
Exclusive member events zero value
Partner offers zero value - who are the partners?
ON-PROPERTY BENEFITS
Upgrade priority at arrival (subject to availability; at hotel discretion; suites excluded) 50usd per night value if it happens?
Daily continental breakfast for two 50usd per night if not included already?
Complimentary WiFi zero value as nearly always included
Guaranteed 4:00 P.M. late check-out good perk; 50usd per stay value? Same as amex fhr however
Early check-in upon availability zero value
Premium Ground Transportation Budget seems to be between 100-300usd per year value
PROGRAM REWARDS
Unlimited Pre-arrival upgrade requests (suites excluded; subject to hotel agreement and availability; hotels can defer decision to 3 days before arrival) Little bit of piece of mind if it works.
Leaders Club points - earn toward free nights USD 1 = 1 point roughly 7% cashback on the room rate excluding taxes; you still need to pay the taxes and fees of hotel as if it was the full rate when you redeem the points however
Annual renewal points bonus 10% Roughly an extra 0.7% cashback
No black-out dates for redemptions Unclear if useful