i think part of it depends on how frequently one travels and the routes they travel. I value different things now that I travel frequently domestic U.S. (gone from home at least part of the week for 42 or more weeks a year) vs. when I flew only once or twice a month. I value greater IRROPS assistance, consistent early boarding, better (in theory) agents when I call and quicker wait times for calling or chat, and the free extra legroom seating near the front of the plane at booking. Occasional upgrades and free checked bags are all gravy for me, but I care far less about those these days. As long as I'm flying anywhere near as much as now I'll continue to push a bit extra to maintain status (losing AA Plat Pro this year has even had a notable impact and I regret not making the additional push last year).

But it really comes down to what a few people earlier said, the judgement is about whether what we're getting is worth the effort. It's such an individualized question for each person.