Merrill+2 AA status match is the most important benefit to me. I travel heavily on DL, but on occasion I travel on AA. The status match gives me AA Platinum and double miles on all of my AA flights. This adds up to around 5,000 bonus miles per year. I can also purchase upgrades on AA (and use them given my Platinum status) which is important. (I am too tall and wide for coach.)

This benefit easily offsets the fact that I am only getting 1pt per $ vs. 2pts per $ on other cards (for my first $20k spend)

If I only spend $50k per year, then Merrill+3 would be valuable to me. I would earn 1pt for every $ plus a DL Crown Room Membership (i.e. worth $250 for a DL Platinum).

However, if I spend $20k on Merrill+3 and then $40k on Chairman, I will earn 2 pts per $ for the $40k (instead of 1pt per $ on Merrill). This pays for the Chairman Card (which includes Priority Pass). This is my currently preferred model.

Priority Pass works well for me since it includes all DL Crown Rooms. However, an AA passenger may see more benefit in spending $50k on Merrill+ to get the Admiral's Club benefit. Then switching to a card with a higher point yield. OOPS--This statement about AA does not make sense. If you fly enough to get AA status or travel in AA First Class, it does not make sense to spend $50k to get an Admirals Club membership. You could spend that $50k on a cashback card and earn more value per dollar spent.