Actually, Chairmans Lounge is not technically part of the FF program. It is managed independently, similar to the separation between Qantas Club and Qantas frequent Flyer. A CL member is granted the benefits of Qantas Platinum Frequent Flyer as part of the membership, including OneWorld Emerald status. They are not issued a separate Platinum FF card. Their CL card is recognised by Qantas and partner airlines in its own right and includes an emerald OneWorld splodge.
So as far as the Qantas FF program is concerned, a CL member receives the same as a Platinum FF member. But the CL membership provides some benefits beyond those available to Platinum FF members, such as access to private lounges at some domestic airports, the highest level of priority for waitlisted upgrades, spouse/partner benefits and benefits associated with the secret handshake
. But as far as the FF program is concerned, they have the equivalent of Platinum FF status (status bonus etc).