As one with some status (thanks to a fellow FTer), I am gold on AA, and super close, but no cigar, to UA 1K in 10 days (via a baht run), I know what I am missing, and wish I had, especially now, having flown since Sept 11:
1. Intrn'l Alliance High-End Status - with its access to VIP waiting rooms and such. My low status (Ruby OW), while I am grateful for even that, couldn't get me in.
2. First Class/High Status check-in - While the the Business Class/High, but not High Enough, Status check-in line has already been a relief to me, with higher status one may go in whichever line is shortest, usually First Class.
3. Upgrades - On my mostly empty flights, first and business were, in a word, deserted. From the cheapest economy ticket to the next class of service, even a upgrade to business, beyond the seats, means better movies, softer and larger blankets and better food.