I was downgraded due to less travel, from Diamond to Gold. The only benefit I miss, is being able to book at reservation time seats 11A or 11K on the LAX to HKG route, though I have been able to upgrade to F most times.
Flying business flexible fares, I have many of the benefits (except First lounges on connections, but most times have no time to go to lounge)
But by loosing this benefit, I have switched several flights to NH and United (on the wat to Manila) so I could have my preferred seat. This year I will re-qualify for CX Gold but next year I may not as I am choosing other airlines often.

Would I pay $7K. - not likely. The thing is I am spending substantially more because I need flexible tickets, But not enough points for Diamond, and CX does not have a true status based on spending