More
Personally, I take it only when on the short-haul leg of a long-haul flight. The main benefit I get at the Geneva end is being at the head of the immigration queue as the UK is not a Schengen country. That's one benefit you do not get with a status card. It is also one of the best benefits of being at the front of the plane for travel to the USA, I feel. (On the way home to Europe from the west, the best benefit is clearly sleep.) And of course on A320s the seat width is wider as it is five across, as well as the middle seat being empty.
In terms of Club benefits you get with the status cards as well; T5 Fast Track departure security is generally not faster than the regular lanes. However, there can be huge différences in other airports and in T1. The T5 lounges are all magnificent. The Silver lounge has the better selection of reading material. The Gold one has better food and more space. Never been in the true first lounge (Concorde room.) as Gold does not get you there.