Does it make sense to collect miles points and status?

#1 - Collecting miles, points and status makes sense. Otherwise I
would not make this podcast. Miles and points are a currency with
a value like your local currency. Price your points when you buy
them and when you sell them. The goal is to sell them for a
higher value. When earning the points you should try not to "buy"
them for a higher price than 1 to 2ct per mile. When "burning"
the points it is possible to get a value up to 10 ct per mile.
The best value are First Class tickets bought for miles. But do
not forget that you have to pay taxes.

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