Spot on Bingo! I put on 200K+ per year (5 years running now) and truly, while I enjoy the thrill of the flights and the energy of the work I do, it would be impossible without the F/C flights and 4/5* hotels when I am overseas. Domestic it is less important except on flights to the east coast (based in DEN and PDX) and I generally stay with Hampton, Homewood, Four Points, etc. Some think the travel is always so exotic (China, Thailand, Japan, Korea, Hong Kong, Vietnam, France, Italy, Switzerland, Russia, and on and on.), but hotels and airplanes are about the same everywhere and the attention and recognition from the FAs and hotel staff become important when you spend so much time away from family and friends.

All the other details mentioned by others clearly contribute to the value of F/C, but the bottom line is productivity and ability to get things done wihtout freaking out!!