Don't know if your head works the way mine does, but if I were offered a new job where everything else balanced out and I could discern, say, $10,000 extra for the "loss" of travel benefits, I could, on paper, make the analysis suggested above. That is, I could tell myself, "Well, self, if I use that extra cash to take the personal trips that used to be free, and/or to enhance the pleasure trips I take, then maybe I'll come out ahead."

I could tell myself that, but I know that's not the way it would actually work out. In practice, I'd put that extra cash toward retirement or a nicer house, and end up taking fewer, less wonderful pleasure trips.

One of the things I really appreciate about miles and status, and other things like free companion tickets is that they are currency that can only be spent on travel, and so I have to travel to derive the value. The way my psychology works, it's a way of making sure the inertia of the daily grind doesn't get in the way of my love for travel.