I bought if for use in 2004 as I didn't make *G for that year. Has come in handy a few times, especially at LHR, but the lounge they use is pretty small. At SIN, I found it cheaper to not use PP and just pay for entry in the Plaza Premium lounge (which what PP uses there).

I purchased the US$99 version of PP, and then it's US$25 or so per lounge visit. I'll be cancelling for 2006, however, as I'm at Gold for the rest of this year and 2006.

Also, note that, when you sign up, unless you tell them you do NOT want to renew your annual membership, your credit will automatically be charged each year.