I am in favour of having the Platinum One tier shelved. Qantas currently has five tiers of membership including the invite only status, Chairman's Lounge. I can see no real advantage in introducing yet another tier which could potentially result in the current Platinum level being devalued further in order to emphasize the benefits of the new elite status.
I believe a better solution would be to offer Chairman's Lounge membership to the very top frequent flyers who attain 3,600+ status credits in 1 membership year provided they are achieved entirely on Qantas operated flights (no code shares on One World partners). It would eliminate the need for a unnecessary new tier and prevent the so called 'American Airlines Y-Upp fare' brigade, who earn vast amounts of status credits for a significantly reduced outlay, from achieving this status. Furthermore, I do not believe the serenity and refined atmosphere of the Chairman's Lounge would be compromised by the aforementioned suggestion as I doubt there would be that many frequent flyers who attain 3,600+ status credits by purely flying on Qantas operated flights.
Qantas should be, in my opinion, looking at improving the current Platinum tier so that it is competitive with Virgin Velocity's equivalent status. I think Qantas should also increase the requirements for the number of Qantas sectors on which one must fly in order to attain Platinum. My suggestion would be 8 sectors, which matches that required by Virgin in their frequent flyer programme.