I have a bank credit card that is linked to my qantas FF membership. In the last couple of years i have enough points to get some good stuff. I haven't ever use it for flights, but rather just get things from their catalogue. My points are just from day to day living, paying bills etc with the CC. I paid to join about 10 years ago when i first went overseas from memory. But it is only a one off payment, well i've never paid anything else! A friend uses her points to get gift vouchers at christmas time and then goes shopping for presents with them.
My mum flies alot for her work, she has LOADS of points, she often transfers them to my brothers, dad or i if we want to book a flight. So definately worth it for her.

I have been happy with the things i've got. Was thinking i might get a new phone or a magazine subscription with my points i have atm....