Well
SOME Status is
well worth chasing.
I got Lifetime Star Alliance 20 years back and it is enormously handy. Whilst getting it, had top tier on UA, and got upgraded free up front, on EVERY flight no matter where to, for near 2 million miles.
Then it was way cheaper to get with far less rules, and no revenue cap.
Despite having barely spent a dime on it since, it gets me AND partner who also got automatic Star Sold Status as a free bonus, instant Star lounge access globally, extra baggage, priority boarding etc.
Also applies on Virgin now, as long as UA put up with such a lame partner! Cannot see what is in it for UA at all, seeing they fly their own metal to USA. Even from ADELAIDE to USA now, for goodness sakes.
Velocity 'forever' status does not equate even remotely, to Star Alliance Lifetime Gold Status!