Maybe there's been a slight decline in the last 15 or so years that I've been OWE, but overall I think that the value of it has held up pretty well. I would compare it to my Marriott Lifetime Platinum which has really lost in value in that time.

The First Lounge network is a great perk, even if my home BA lounge (which I'm in now) has plummeted precipitously in quality. First check-ins like in HND/ NRT/ LHR are really nice. And sometimes you do get the occasional bit of special treatment on board - rarely with BA nowadays despite me being one of their elites, but CX and MH can often surprise with a special welcome.