For us, it depends upon the cruise and the ship.
We have paid for club orange on two longer cruises, due to multiple tender ports, and for the room upgrade (VF->VB in one instance, saving us over $1000).
These are the two main reasons why we would choose club orange.
We consider the dining as a bonus, that we don't consider when choosing whether to book it. In both our instances, CO was $15/day/pp.