IIRC, vouchers are a benefit on renewal, not when you first achieve the status.

I concur with most of what is written above.

Probably the biggest benefits were always better seat selection, used to always take your meal selection first as well (if you didn't pre-book your meal) and access to the SilverKris Lounges in SIN, although with the T3 lounge renovation the differential isn't quite as big as used to be to the Krisflyer Gold lounge, I understand. And anecdotally marginally better access to op-ups short haul, I received multiple from BKK and MNL as a PPS, none as as Krisflyer Gold.

The other minor benefit not mentioned is Overseas Medical Travel Insurance.

I see all as a by-product of having the status of travel being done already. It's not like status point based programs where people assign $ per status credit or tier point to evaluate chasing status with, it's one SGD for every dollar, no variation. Having said that if it was going to tip me across the line it might be a factor in paying up to business in some situations (for example travelling to US, where often you can find non-Singapore originating fares for good value in business class vs economy fares originating in Singapore).