There actually is a formal version of "extreme status" on BA, in the form of a Black Card [1] [2]. Basically, you need to be something like "the guy responsible for the travel spend at big corp" and each membership is approved by the board.
Benefits supposedly include delaying an entire airliner by up to half an hour if you are running late, and it's so rare many lounge staff will deny you entry, not understanding what the card is.
[1] http://www.flyertalk.com/forum/british-airways-executive-clu...
[2] http://www.airliners.net/aviation-forums/general_aviation/re...