Often when arriving from and connecting up with friends/colleagues coming from different places, a PP card will get one into a lounge upon arrival -- even when the airline one is flying doesn't have an arrivals lounge. Nice to be able to sit and sip quietly, rather than hustle and bustle with the crowds outside.

The above obviously most useful when traveling like a true FTer (i.e. only with carry-ons)

In some places, such as NRT, there are lounge(s) landside to which PP can give access -- which is good for the occasions where one has checked-in stuff that one needs to collect before the authorities do.....

I've got status and I also got a PP and I use the PP often enough for me to be willing to pay for it (albeit it comes with my AmEx).