I think 2P is worth a good deal more than just E+ access: you get significantly better service when you type in your MP number and it routes you to Premier CS reps (and yes, mostly in India now).

The e-500s ARE worth something, at least to me, since I've always been able to use them up. Even out of DEN (a hub).

Boarding with seating-1 is critical if you need overhead space.

Some airports have elite checkin and elite security lines for Premiers (though DEN requires 1P for the security line... but 2P's sneak through all the time).

If you get a 1,000-mile one-way UG Visa cert, it has to be used on very expensive fares; unless you're 2P or higher, in which case you can use on any fare.

RCC membership is discounted.

There is a 25% RDM bonus that E+ access doesn't get you. That does add up (though much more slowly than the 100% bonus for higher tiers).

UA allows free same-day standby; as a 2P I was ahead of 50% of the folks trying to standby for a flight because they were all general members or other 2Ps on cheaper fares. The E+ pass doesn't help you here... you need to be elite.

I could go on, but you get the point: it's not just E+ access.

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If E+ Access is $299, then you'd think 2P status would be worth (say) $399, but as I said in the OP, it traded for much much less last Jan/Feb in Coupon Connection. Part of this was, I think, due to the generous natures of the folks trading the status.