1) MGM/Mirage Players Club does not give comps for eating, sleeping, or attending shows in their hotel. That sucks.
Glennster... I'm by no means a high roller, but I'm a member of the MGM/Mirage players club and I've been receiving tons of offers from most of the MGM/Mirage properties in Vegas including comped rooms, food credit, freeplay, show tickets, etc.
Back in July, I stayed at the Luxor for 2 weekend nights and they comped my room, $100 in food credit, and I also received $100 in freeplay. I also spoke with a casino host at the Players Club booth and I was able to get free tickets to Fantasy. All together, I spent 8 night in Vegas using various comped room offers from 3 different players clubs (MGM/Mirage, Boyd, and Wynn/Encore).
Even if you only gamble a little, you should still be receiving some players club offers.