A single ex-EU to a long haul destination in Club World will net Bronze so it's not really surprising that the benefits aren't amazing. I don't have any experience at all with other FFPs beyond a base understanding of Virgin's, but I'd be surprised if that nets the level above the entry level in the majority of cases.
I'll make Bronze next year (as a result of an ex-EU in J) which will be my first ever experience of something above the entry.
I'm looking forward to free seat selection, even if a few days out, as my daughter will be 2 and therefore we won't get free seat selection any longer when we travel. Business Class check in will also be pretty useful.
I think given that I am clearly not commercially valuable to BA, that the benefits are probably quite good in the grand scheme of things given my spending with BA. There will be many chucking more £££ at BA than me in the next year who will get nothing in return.