From the website: "Lifetime Miles is the total flight distance (the total amount of flight basic sector mileage credited) of an ANA Mileage Club member. By flying on an ANA Group operated flight, customers can accumulate "ANA Lifetime Miles" and by flying on a Partner Airline flight, customers can accumulate "Lifetime Miles." The combination of both categories will be the total amount of Lifetime Miles earned.Lifetime Miles can also be accrued when using ANA Domestic Flight Awards and ANA International Flight Awards."
The only benefit there is to Lifetime Miles (combination of both ANA Group and Partner Airline miles) is that upon hitting 1 million, you will receive a customized bag tag. There are no other benefits at the moment.

Hitting 0.5, 1, 2, 3, 4 million ANA Lifetime Miles will yield a bag tag.

Hitting 1 million ANA Lifetime Miles will bring two benefits (no more miles expiration date and Super Flyers card eligibility), while hitting 2 million ANA Lifetime Miles will also bring about permanent lounge access (when traveling on ANA Group flights only).

I am curious - is there any special recognition of Lifetime members on board or at check in? Hope some ANA Lifetime members here on FT can chip in. Otherwise it seems like the JAL Million Miler / Lifetime program is better.

ANA flights, yes.