Unlike some of the posters on this thread, I work full time and am fortunate to have an income that could easily accomodate plenty of self funded F/J travel, but do not consider it to be a smart use of money (that said, when flying internationally on my own account, I either use points for J or upgrade from Y to J - 5 from 5 track record).
From my experience, most of my colleagues/friends who could most easily afford F/J travel, will not pay for it, preferring to save it or spend it at the destination. The ones who travel J are often the ones who can least afford it.
One only gets a single chance at life, and I've reached the stage where I value happy contentment over a stressful struggle. For me, travel is a hobby, something that gives me a great deal of pleasure. Paying for travel, it's just money. Once upon a time, international air travel was incredibly expensive - and uncomfortable. Unless they find a replacement for petroleum, it may well work out that way again. For now, it's not cheap, but it's not a once-in-a-lifetime shot neither.
I've done my share of longhaul Y, and it's just not fun any more. J is air travel done right.
I've made the point before about hobbies, but how many times do you look out the window in SYD on a weekend, and there are a bunch of blokes with top of the line cameras and enormous long lenses? These things aren't cheap, and the pace of technology keeps these chaps regular visitors at the camera shop.
Photographs are nice, but I'd rather have my bum on a comfy seat as Greenland or Sri Lanka slides by underneath my drink coaster.
Having said that, that's just me, and when I travel with my dear wife, we fly at the back of the bus or use points for upgrades, and spend real money on other travel things. Her priorities differ from mine, and I'd rather have a pleasant partner than a grumpy one. I don't mind a hostel bunkroom and a shared bathroom, but if my darling wife doesn't get an ensuite and a night time mint on the pillow, Heaven help us all.
Speaking as a cabbie, I see a lot of luggage tags. The people with Platinum are generally business travellers, and I either take them to or from a hotel if they are on the road, or houses in middle-class suburbs if they are at either end of a trip. They travel light and they travel smart.
Folk on pleasure trips from the old-money suburbs are more likely to be Gold tagged. They have silver hair for balance, and I can hear my joints creak as I lift out their enormous suitcases.
I see a few Silver tags, usually younger folk, but the rarest metal of all is Bronze. I'm not even sure that they make Bronze tags...
Of course, these are Canberra generalities, and there are handfuls of exceptions to every rule of thumb.