relative
The value of the SPG gold status is as stated, diluted. But it has some power when coupled with the SPG AMEX card. StarPoints are rewarded 1.5 points for every dollar spent, instead of the 1 point per dollar.
This is only relevant if you use StarPoints; we do. Since we have become owners I track my stays against the cost of the room at the property, and how many StarPoints were used. We have come across our StarPoints through premiums at purchase and through the credit card.
As many of you are, we travel for pleasure four times a year. These trips consist of StarOptions from our ownership, and StarPoints accumulated from ownership premiums and the AMEX purchases.
While the gold status may not be that great, there is a quantifiable value that can be tied directly to dollars!