it gives 5 years in which you don't have to deal with extensions anymore,nwhich also means that at "that time of the year" you don't have te be in Thailand It is multiple re-entry, no 90 day reporting (only once a year reporting) and no taxation on money you bring into Thailand (depending on one's situation you may not have to pay tax anyway, but with this visa it gives you a huge privilege)
It may not be the best for some people, but the typical non-immigrant O based on 50+ is also not the best for many people. In fact, it is just a generic option which fits most, many non-immigrant O holders would rather have the LTR if they could qualify.
Nothing in his post suggests that he can't qualify for LTR, he even is considering paying for the privilege visa. Which is more costly than an LTR visa. Working hard or not having had to work for someone's money is also completely irrelevant. Either you qualify or not, and if you want to save money than LTR beats the privilege he is willing to buy.
The point is : saying the non-immigrant O based on over 50 is the best option (which what I reacted to) is not correct. If you qualify for LTR, that may probably a far better option.
IF you qualify, then definitely apply for the LTR visa. Gives you 5 years, with 5 years extension if you still qualify and several benefits (tax, etc..)
If not, then "retirement" visa, yearly extensions.
If based on marriage (yearly extensions), there is a lower "money tied up in the bank" requirement, but more hassle with the paperwork.