Each to their own but... while the seating in 'eurobusiness' is the same format as economy, the middle seat is blocked. As seat pitch is really tight on most european carriers - 29-30 inches, the spare seat in the middle gives a lot more leg room and space.
Aside from that, while status may give you priority check-in and lounge access, in general the overall experience in ClubEurope (if flying BA) is a lot more fun... usually great crews, some nice meals, and free flowing champagne. Sometimes clubeurope is as little as $60 more... well worth it for all the benefits and extra Qantas points and SCs
Not all eurobusiness is as pleasant as BA... Air France isn't too bad, nor KLM, Lufthansa or Swiss. But some are very average... like Iberia.