Irrespective of how P1 is obtained, at the end of the day we are all going to have different experiences, QF is the master of inconsistency, with arguably higher highs than any other airline, and sadly some lows which really make us think about our loyalty.
Qantas new about status runs well before P1 came out, they were and are still handing out DSC like mixed lollies, so there will always be Faux P1's but realistically, do those small numbers make any difference to how the P1 group as a whole are treated? Nope.
I'd suggest that PCV is still an important part of the upgrade/shadow/love stakes, and whilst it does suck to lose your shadow to a NB when there are plenty of other seats down the back it really doesn't matter that much in the grand scheme of things.
To me at least, What is interesting is given the drastic reduction of dom J seat availability with the 767 retirements, what will be the impact of shadow reduction and difficulty of row 4 seating in the future.