Status means different things to different people. Some wear it on their sleeve, some don't care, some see it as useful in certain situations and irrelevant in others. I think of myself as one of the later.
For example, if you're on a paid (or award) international trip in a premium cabin (let's say the CX J as above) then you'll get Biz lounge access included. Sure, a OW Emerald status will get you into F lounges, and no doubt QF at SYD/MEL and CX at HKG are magnificant places to wait for a flight) but for many people who would prefer short transits and not much airport time, then a J lounge is more than fine specially if you can fit a shower in at the mideay point.
For others who fly domestically weekly (road warriors) status probably doesn't mean a lot, for example most RW's I know of get there as late as possible, get on plane, endure, and get off. so lounges etc don't mean much, maybe priority boarding helps, but we all know QF is hit and miss there anyway and most travel HLO so again status doesn't help much.
but I find status very helpful for other situations - eg: flying domestic USA where OWE (and even OWR and OWS) get you free bags and some sort of priority treatment) and sometimes the odd op-up and same day free change /standby etc I have used and appreciated).
the big part where status can help over and above a paid premium fare is when things go bad. your airline will tend to focus on the higher status (and paid fare pax) first and can be quite helpful (not always though) in terms of flight re-routes, or even standard of accom offered (no UA, that Red Roof Inn is not what I want !). and so on.
my point is every situation is different.. someone's value of, for example, QF Gold is far different to another person's and all depends on use - current and future and what one does to achieve it. There's no "one size fits all" here.[/QUOTE
Totally agree RM. As a "road warrior", lounge access is, well, "meh". I usually have carry on only and arrive at the gate with about ten minutes to spare.
However, when the wife and I travel overseas the lounge becomes the perk and a place where we can refresh and relax. If Qantas could add a bit of that magic to their domestic lounges then I'm sure they would steal a bit more business such as mine.