Horses for courses.
With higher statuses you get more Avios, free seats if you're on a fare that charges for seats, the DOH lounges are better and you have a better chance of getting the elusive op-up (should that situation ever present itself.) You also get lounge access when flying other OW airlines internationally.
It all depends on what each individual traveler values, one's travel patterns, etc.
When I've dropped from Gold to Silver I decided that the cost of retaining Gold was not delivering sufficient value for me. It would have meant nicer lounges in DOH (same lounges elsewhere) and some more Avios. It is cheaper to pay for the preferred seats when buying a cheap Y fare than it is to shoot for Gold or to pay for higher fares.