The ramifications of walking away from status are nowhere near as significant as many FlyerTalkers think. In fact, I would argue that the ramifications are near zero and there is at least one positive. Gleff has noted the two biggest ramifications; fewer upgrades and no bonus miles for flights. So what? The first class experience is not much above the coach experience these days, and earning more miles when the value of a mile (and the ease of using miles for award travel) is declining doesn't seem very prudent.

The one positive of not having status is that you are now free to book the best flights and hotel stays for your immediate needs (times, $$$, location, etc.). No more connecting thru some far flung airport or staying 30 miles away in order to accumulate status miles or status stays. Trust me, travelling domestic coach and not getting a suite at a hotel is not that bad. Millions of people do it everyday and survive....you will too. At first you'll have some withdrawl pains, but those will pass rather quickly.