Certainly been worth it for me, but most of my stays are in Asia. My stays in the US have all been disappointing, but that's probably because the bulk of Plats are US based so there is a harder chance of getting upgrades etc.
Due to a lack of biz travel in '05 I found myself needing a 3-stay mattress run in Dec. There being only one Starwood property in HK, the Sheraton here got it! One upgrade to a "club" room and two to suites. Very happy.
As to '06, remember that Le Meridien joins the fold, so even more choice now. I'm looking forward to a beter option in Singapore for a start.