Yes it is an uncomfortable experience. I now go to the gate early, not so much as to get priority boarding but to ensure there is room for my travel suitcase in the overhead bins. Last flight I caught Mel/Adl I did wait for the boarding call in the Mel J Lounge, then walked to gate 10 to find no queue, annoyed looking ground staff (signs said the flight had closed) and no space in the lockers over my exit row seat. No locker space ahead of me so I had to stow it in the last overhead locker on the aircraft. Result was I was the last off the flight.
I guess by QF delaying the lounge boarding call to the last, they figure the boarding queue will be gone and you can just walk onto the flight, which was what happened. Small problems with full overhead lockers. So for me it seems as you can't fight it, just go with it and get to the gate BEFORE the scheduled boarding time so as to get on the aircraft sooner than later and have enough overhead locker space to store your gear.
Nowadays, though, more and more people are lining up at the gate well in advance of bording commencing. As others have noted, it's much more like the US situation where there's huge lines well in advance of the first boarding call. This is almost certainly a result of the strict baggage allowances and charges. So while it's all well and good to get to the gate before boarding is called, that doesn't necessarily mean you're going to get on the plane any quicker. Hence, one of the benefits of priority boarding - so you don't have to stand up in a line for 60 minutes before the flight is called (assuming boarding starts at the published time, which can often be another issue).
I agree gowatson. If one has an issue with hand luggage (size or have 2 bags), one should arrive at stated boarding time and then can use the priority boarding to make sure that one is on board sufficiently early to ensure overhead space availability. This is especially critical for exit row pax.
If one has minimal hand luggage, then one can afford to delay QC departure until final call, as there may be sufficient space under the seat ahead or in the overheads.
For me, it's also about getting on the plane and turning on the IFE. Based in Perth I'm lucky to be on A33Xs fairly often where, with the advent of gate-to-gate IFE, I wanna get on, get settled and start watching.
At the end of the day, it shouldn't matter whether you've got a rollarboard and a camera bag or just the newspaper; nor should it matter whether you get to the gate an hour before the flight or right when boarding is called. 'Board at convenience' is not priority boarding. They are two very different things. QF publishes the benefit and they're not providing it. And this is something tangible. It either happens correctly or it doesn't. It's not like the priority baggage where there's the 'your bags will be among the first to arrive' where it's all very much open to conjecture (ie. what's "among the first"?). As I've posted before, this is one of the very few benefits that doesn't come with a @, &, *, !, ~, >, }, ; . . . That in itself suggests it should be straight forward. There's no caveat like " *&%#&**^$ provided you arrive at the boarding gate 10 minutes before the stated time for boarding".
I wouldn't have an issue if it wasn't a part of their marketing for the Platinum tier but it is. If QF said I'd get an apple and an orange as Platinum and Gold got an orange and Silver got nothing, I want an apple and orange, because they've said that's a benefit. It's not about DYKWIA, it's about receiving what you're ultimately paying for.