Re the more general issue of QF F's class being a "token" - it pretty much is. Really QF has 2 core "flagship" routes - to LAX and LHR and they feel they must offer an F product on these routes - partly as Australia's main flag carrier, for some prestiege and partly to compete. In a smilar way to the US flags (bar DL) offering a International First product in select markets (with AA probably being the "best" and UA being a sad 2nd). QF F is MUCH better than either of these.
Does the product compete with other airlines? yes and no. It's NOT up there with the top tier - you're EK/EY/SQ/CX/JL/NH and probably LH products. It's I'd say "mid tier" - compare with BA probably LX, TG, MH etc and much better than the US based carriers, AI and some others.
The seat is very comfortable, the IFE works pretty well and has a decent selection(though same offering to all seats so not really a factor).. the soft product, ie: F&B varies. The wine is VERY good imho, and the food well.. I class it as "fancy comfort food" in general.. not bad.. not the shark fin soup of SQ or some other offerings on the mega premium cabins, but still very good. I'd even say in some respects it beats out EK catering though EK are more generous with options and those little extras like the godivas and the super frefreshing tea offered post a shower (but I digress

).
QF F is not bad at all. I would definitely pay up in points to have the service and privacy/comofrt of the suite on a long haul to LAX/DFW/LHR over J. Would I pay for it? Depends on the price. Some of the sales have been mighty tempting. If I had a choice between CX?EK/EY/SQ for same "price" (be it miles/points/upgrades whatever) I'd probably go one of those others, but everyone's mileage varies.
It would probably make MUCH more sense for QF to drop F all together, but I doubt it would happen anytime soon as I think *not* offering this product, even if it is on what, 12 aircraft? would firmly bring QF back into that middle rung of carriers and send those super mega high yield pax (as opposed to the P1's who may be that, but this is not a US carrier who will upgrade top tiers for nix as a matter of course and/or give out upgrades like candy to the point that is expected rather than earned or an exemption) WILL deflect to SQ/CX/EY/EK etc.
Just my 2 cents.