I suspect it is worth lots to Air Canada if they are willing to offer lounge access to the tune of US$14 per passenger (if memory serves), opening up an additional check-in lines, pay for 1-800 numbers for us to call in, buy those little orange baggage tags, print upgrade certs and membership cards, host us at events in YYZ, YUL, LHR, YVR etc... and the multitude of other ditties. I am sure the incremental income from E/SE travellers far outstrips the outlay.

As far as what it is worth to me. It is valuable enough for me to keep their card in my wallet, book AC whenever I can and to put the tags on my bags (although I notice that I am still using a 2004 tag on my suitcase)