My take on this:
No lounge access, Zone 2 boarding, or priority check-in for black cards. This will alleviate most problems with overflow.
1 free bag at 23kg is okay. I am all for SQM and SQD rollover (assuming you maintain elite status through flying). Priority standby is also okay.
When you have credit card benefits that are superior to 35k-50k elites, what is the point of having a "frequent flyer" program?