Well it's s*ht in that we don't get much from it, but for the average consumer it's best not to have the crazy merchant fees run-a-round that they have in the US.
I am also in a similar 'diamond is it worth it' position. I just wish they threw some system-wide upgrades or something into the deal. It sounds like they do routinely upgrade diamond passengers but in their infinite wisdom this is not really advertised. I think like 4 upgrade vouchers or a 'we will try and upgrade you when we can' would juice them some extra revenue from high gold users.