I have it the second year (with a few month without it, due to my travel) and signed up again.

I use it in the very rare cases I am not flying Star Alliance and as a backup. E.g. the RCC in Seattle closed at 7.00 pm in the past. So a Star Gold did not help much, since this had been the only Star Gold Lounge. Therefore a PP would offer you the choice of a Delta Crown Room or an Alaska Airlines Lounge as well as a Continental President's Club.

The major problem is if you are at an aiprort with different terminals who could not walk over. While it's not a problem to walk in LAX from terminal 7 to 6 (where the Continental lounge is), it's a problem to walk over to the International terminal. Depending of the airlines you are flying, there is a lounge, but you are not able to access it because it's in a different terminal. E.g. Düsseldorf has two PP lounges, but if you are flying Star if does not help because you won't have access to this terminal due to security reasons (okay, it's a bit also depening on staff in duty).

And there are airports (e.g. STL) where you have no lounge at all.

It's nice to have, because I can