Domestic economy is a necessary evil in my line of work.
The little "extra touches" of service that you receive as a WP / P1 / CL in economy on QANTAS are one of the main reasons I choose to fly QANTAS domestic economy. Being addressed by name, given a water, and the occasional something from up front really make the experience so much better. This is really inconsistent, but on a good day, it is brilliant.
As a Virgin Platinum, they have NEVER provided any on-board recognition of my status. Some people may prefer the egalitarian approach, but frankly when you spend a lot of money, travel frequently and clock up a million miles every couple of years, it is these small things that really make the experience pleasant, and suggest that maybe the airline appreciates your business. The main advantage of choosing Virgin is the ease of upgrade to Business Class using points, or the 4 comp upgrades per year.
Frankly both airlines suck for [operational] upgrades. I have never been upgraded on QANTAS, and only once on Virgin.
"Shadow" seats are hit and miss on both airlines. Virgin seem to be better at "protecting" the front rows of economy, whereas QANTAS seem to be good and finding an impossibly large person to parachute into the middle seat 30 minutes before the flight. I am fully aware that shadows are by no means guaranteed, but they are an easy way to keep elites happy.