Obviously, upgrades are choice and make running a lot less stressful.
I like to catch up on my work-related and recreational reading.
Bumps are great. Although of the 5 vouchers I scored in 2005, none were from the 4 runs (with 29 segments/flights) that I took.
I want a quick turn-around = minimal use of my time.
I like connections where I know the same plane will be used (eliminates the risk of a mis-conect, almost).
Meeting people. Met WxBear on a run to SEA last year. While at the SEA CO PClub, waiting for the red-eye, we ran into wasjetboy. While wasjetboy and I were at the EWR PClub (heading back to WAS), we bumped into Channa, his GF, and afrugal1.