i've had a plat card for around 15 years but i too cancelled it last month. the benefits don't match the cost any more.
since every tom, dick, and harry has a CC with lounge access, my last few PP lounge visits have been absolutely horrendous. lounges jam packed, zero seats available. zero. had to wait until someone left. copenhagen lounges were horrible as well. the only good one is the DL in SEA but that's not worth $500/year for the few times i use it.
i had SPG plat status for a few years having earned it the hard way but SPG gold is worthless because everyone and their dog has gold. maybe 10 years ago i would get better rooms but for the last few years the front desk agents basically tell me that they can't upgrade me as they hand me the keys. i didn't even ask as i don't expect them. i imagine they get hassled by so many guests that they are defensive.
hilton gold is okay for the breakfasts. had a good breakfast at a double tree. that was worth 2 people x $20 x 3 days so you could say $120. hilton tokyo breakfasts were great. so that's a good benefit.
but it all boils down to cost-benefit ratio and it just ain't workin' out anymore.
i got a cobalt card and am racking up the points that i can transfer to Marriwood hotels or transfer from there to airlines at a better ratio than with the Plat card anyway.