Nope!
Not at all.
Certainly with the World's Favourite Airline silver/gold status these days simply means that you are penalized slightly less than all the other punters. If you fly J or F anyway, then there are no meaningful perks from membership. I've also noticed that most airlines have also significantly increased their mileage requirements for reward tickets, as well as extending blackout periods, so it becomes really difficult to use the miles.
I've actually started shopping around much more as a result, and found, for example:
Ticket on VS from LHR-SFO available at 3 days notice at 60% of the BA price (and a damn sight nicer as well)
Jet Airways to Mumbai at 50% BA club price advance purchase
Etihad to Manila at a special deal of 40% BA club price.
I'd rather have the increased travel budget than the miles any day.
The old days of AA Executive Platinum upgrades to First for nearly all transatlantic flights are truly gone. As well as a memorable QF experience in Tokyo in the early 90s when the captain invited me, as the sole gold card holder on the upper deck that night, to come up front and watch the lights taking off over Tokyo Bay.