I just turned Platinum on my March cruise and also sailed in April. On both cruises, there was a party with unlimited drinks (depending on whether you could snag a drink from an elusive server's tray and/or order a drink). DH and I had 2 each at the party and left with one. We were fine with that. No food was served but since we're new to Platinum, we weren't expecting any. We got our $25 pp free play from the casino, free laundry, free brunch drink, and a gift from Pixels. Pretty happy overall.
Most loyalty program perks (hotel, airline) depend on how frequently a customer stays/flies PER YEAR. Eventually, as the number of Platinum and Diamond members increase, which they continue to do, I think cruise lines are likely going to have to tighten their requirements.