People have brought up some very good points in this thread...

As far as airline FF programs go, I've gotten FAR more out of elite status than I have a simple FF mile. I've redeemed a few miles for upgrades, but never an actual award. Just out of curiosity, am I the only elite without a FF mileage earning card? With my financial habits, I think that right now the card would actually cost me more than I would get in return. I don't pay my card off every month (my own business that I don't want to discuss here) and between a high APR and an annual fee, I don't see that the few miles I get are worth the real expense my card would cost. If I could charge enough to make it worth my while, I would, but I really don't. I would be surprised if I charged more than $5,000 in a year. I think if I really put my mind to it and was disciplined, I could, but I don't so I don't see that the APR/Fee is worth it.

As far as NW WP goes, it doesn't cost me anything to be a member, and I don't pay much of a premium to stay "loyal" to NW. Between NW, CO, and DL, I don't think I ever pay much more than $50 over the cheapest non-skyteam carrier. It's hard to say what elite status is worth, but the mere fact I can prereserve an exit row seat or bulkhead is definitely worth $50. Nonwithstanding the very real chance at F upgrades as well. I'm fairly particular about my flight times, and even though expedia might say that airline a is cheaper than airline b, by the time I narrow down the times, it actually is rare for it to be signficantly cheaper than my perferred THREE carriers.

As far as hotels go, I am a leisure traveler. I don't stay in hotels very often, and when I do I very rarely pay rack rate for a room. I am completely clueless as to hotel frequent stay programs, don't have a hotel CC (is it better than an airline cc if you goal is to earn free stays? that would be my goal with a hotel cc, I could care less about hotel status, even though I don't know what you get for it). Unless it's a very rare circumstance, I try to pay under $100 for a room. I just don't know how to do that with a top chain and will stay at a travelodge if I have to. Lately, however, I've taken to using hotwire to book my rooms, and I have absolutely no complaints about them. I understand the limitations, but it has not burned me. I just don't see that hotel loyalty programs are worth the premium over using hotwire. As far as hotel preferences go, I just don't need or expect much. When I travel, I'm typically "on the go" and am just looking for a place to sleep as much as most people look at flying as getting from piont a to point b.