I have found that being P1 will certainly not move QF mountains.
Waitlisted for my first P1 flight early next week, QF mainline service, booked in full Y class. All of my work colleagues are already confirmed as they booked a few weeks ago. I have a confirmed seat on the flight an hour before. Called the P1 service team to see if I can get the waitlisted flight cleared so I will not have to sit around for an hour at the destination. No was the reply. Guaranteed Y seat purchase? No was the reply, as this is only for capital city services and a seat has to be available (I assume in J so they do not oversell the aircraft). Anything else can be done? No, just have to wait (just like when I was a WP).
It will not be the end of the world if the waitlisted flight does not clear but it is in these situations where 'A whole new level of service' (to quote the QF P1 spiel) would come in handy. If I was travelling by myself it would not have been an issue at all.