My answer is a cautious yes.

To make it work best for you, use the stay one night get one free offer at as many Mandarin Oriental and Raffles hotels as possible. You get a confirmed Mandarin upgrade too.

Platinum status at Intercontinental hotels is good too, especially if you buy Ambassador status too: I used this combination to get upgrades and free mini-bar privileges in French Polynesia.

The other big perk is Avis President's Club membership. The travel insurance is good too.

Just beware that the Travel Service is poor - like Platinum.