I signed up for Ambassador membership in June of this year ahead of two separate five-day stays at the Intercontinental Miramar Panama City. I booked the highest non-suite category that included executive lounge access. Upon check in for each of my stays, I received as an Ambassador:
1. A full category upgrade to a one bedroom suite (approx 800-900 square feet)
2. A $20 per stay food and beverage credit
3. A coupon for two complimentary drinks in the bar or restaurant
4. Guaranteed 4:00P late checkout
5. Executive lounge access that included breakfast and happy hour with heavy appetizers (Ambassador membership didn't confer this benefit since I already had it as a result of my original booking)

I anticipate at least two more stays at Intercontinental properties before my first year membership expires. Even if I receive only some of the above benefits (most importantly the one category upgrade), I think I'll have gained significant value from the $200 Ambassador membership fee.