Let's disect this for the vast majority of Platinums....
Platinum
Status Credits Attain - 1,400
Status Credits Retain - 1,200
Status Bonus
100% points bonus
Good, but only useful internationally (or trips over 1,000 miles)
Qantas Club entitlement
Complimentary membership
Gold & Paid QC members get access too
Domestic Priority Check-in
Qantas Club/Business counters
Qantas Club check in lines are no time saver, business counters are good but both Silver and Gold can use these too. Also - what % of flights do you check in bags? Especially domestically...
International Priority Check-in
Qantas Club/Business/First counters
First counter is the only benefit here, and even then it's only at a few select airports that have F.
Priority waitlist/Airport standby
Perhaps someone else can share their views on this?
Extra checked baggage allowance
Handy at times, but this is not exclusive to Platinum by any means.
Priority Baggage
This is really "pretty coloured tags on your bag - sometimes - if the agent feels like it - but if you want a First tag be prepared to demand it." Well documented that tags don't have any priority when coming off the plane (as noted by the resident baggage handler on AFF). And given the introduction of the ugly new bag RFID tags - we can say goodbye to the good feeling associated with having a First or Business tag.
Chip-enabled Qantas card
Everyone has this - also I like collecting boarding passes.
Complimentary Q Bag Tags
See "priority baggage"
Priority Security (where available)
Is this a joke? This is not enforced and only in place a couple of hours/day.
Priority telephone service
+1 for QF
Preferred Seating
On a 737 a Platinum can't pre-select the first 2 rows of Y, yet at T-24hours it becomes a free for all. Especially on 737-400's where rows 4-5 are much better seats, this leaves them open to the first person in. I know of at least 1 person on AFF who see's no benefit in status when these seats can be selected by anyone.
Internationally preferred seating in my experience has been sound.
Advance Seat Selection
Good, but only for international.
On Departure upgrades for domestic flights
Priority Economy Seat Purchase
Useless
Priority Boarding (Domestic and International)
Internationally yes +1 QF.
Domestically, there is no priority boarding.
Preferential seating with Qantas Classic Award Seats
Not sure why this is an additional benefit above priority seating, however access to more award inventory above Gold is needed (Yes I realise Gold/Plat have access to additional inventory).
Complimentary Gold membership for a family member or friend at 2100 Status credits
Let me tally up the number of airlines that give complimentary elite partner membership when you hit the highest tier...1..2...3...4....5......*next hand*...
A choice of even more rewards at 2400 Status credits
If you're pushing through 2,400 SC/year you are either:-
a) Flying a lot on company dollars and have probably negotiated free transfers to/from airport - or have cabcharge or similar which biz pays for.
b) Flying for the fun of it or a SFSC - where your choices revolve more around a good deal once requalifying for WP.
c) Have bucketload of points already, what's another 50,000 (or 1 upgrade - that's not even confirmed)
This 'benefit' is thrown in to make it look more rewarding, when infact the benefits mean very little to those achieving this level.
Overall - if most flying is domestically, regardless of the cabin - there is little to no benefit of being anything more than average joe who flies once a year.
Lounges are often packed (with more space outside), internet in lounges always drops out every 20-30 minutes (tested on a number of laptops/netbooks/ipad/iphone in 5 separate domestic biz lounges).
No enforced priority security or boarding and nothing special onboard.
International is slightly different, but in a premium cabin there is far more bang for your buck on another airline.
Given that changes to the program seem to negatively affect members, I'm uneasy about relying on lifetime status to help in the future.
Taking away anytime access is not cool at all.