P1 is not that special until you need them to come through for you and it seems people's experiences when in a pinch have been (mostly) positive. I've never really been in a irrops hole where I've needed them, and I've had very good ground and in the air treatment from QF staff (within the limits of QF's usual levels of service anyway). From reading various people's experiences and talking with others it seems they have done well most of the time in sorting out snafus or aiing to get people out of a pickle. Yes, there have been a few very poor examples(just read this thread) but in general they seem to be fairly good with that sort of thing.
I think we need to take the invites, flight sims and all that "extra" stuff out of the equation when defining the "benefit" of P1. To me, when I've been able to make same day changes, even to apparently full flights, or had things waved, or recently an F seat opened up at shortish notice has proven the worth of P1 in respect of the operational side of the travel experience. The extra stuff is nice(when we get it) and all, but I do not see it as the core of what P1 is.
many road warriors I think would appreciate things like same day changes, flexibility and yes upgrade priority(they almost always clear) as being useful and clear benefits.
Of course, having published and definited benefits like GGL has over at BA would be amazing.. sadly QF has no incentive to offer these things (same with LTP).. their closest competition has nothing even close, so again nothing giving incentive for QF to make more efforts.
Would I see P1 as worthy to attain in and of itself? Not really. Platinum is a very very nice status with the F lounge access, priority, perks on partners like AA and the like. If flying and getting there comes as part of it.. great. I'm on 3320 SC for this year and likely will fll over the line again which is nice, but I don't think I'd cry if I missed out. At least I wouldn't have to put up with Sendle again!