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Credit Card Tiers - Do They Really Mean Anything?

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I've searched extensively but have never found a conclusive answer to this question. In general I get that World should be better than Plantinum and World Elite is better yet. Similarly Infinite is better than Platinum which is better than Gold. However, benefits seem to vary widely between issuers. Some platinum cards from one issuer have better features than Infinite cards from another. For instance, MBNA's World and World Elite cards seem to be exactly the same in terms of features (aside from their base reward programs) and neither is as good as say National's World card.

Does it even matter what "tier" your card is? It seems to me that you really have to compare card vs card and can't just assume that a World Elite card from one issuer is better than a World card from another. I'm coming to the conclusion that tiers are more marketing hype than anything meaningful. Am I correct?

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