Originally Posted by number_6

Status gets you lounge access (e.g. AA plat status). You might be able to earn it in as little as one flight, depending on your rtw ticket. Or you can buy a lounge membership, probably the best to buy is the Qantas Club (which also gets you into BA, AA and US lounges, not just QF).

For more on status, search on "AA platinum challenge" (or pick a different plan and research it).