I have been a travel agent for just about a year now.

The discounts and such are really NOT worth it. Almost 95% of the time I can find a cheaper rate on hotels.com, etc than the IATA/IATAN card rate. The card can come in handy for hotel upgrades. I got an amazing upgrade recently in LAS. I am talking a MAJOR upgrade at a strip hotel just for showing my IATAN card. Other than that, working for an airline is your best best. You fly stand-by, but for free or really really cheap (i.e. $74 r/t LAX-LHR). Most airlines give PART TIME employees full flight benefits. Most fly free domestically and just pay taxes internationally (as my mom is an AA F/A). The "industry" rate at hotels is also often cheaper for an airline employee than a travel agent.

Airlines also extend the benefits to your family (mother, spose, kids) under certain circumstances. Most also have "buddy pass" programs. It really varies by airline. With AA, you get 24 buddy passes a year, plus the ability to register a companion who gets your same benefits.