Good question, actually- I've asked this myself a few times before. At first, I was under the impression that EK was WAY better but after doing both airlines in First quite a few times, my view has shifted a bit: Yes, the bling and particularly those showers on EK are unbeatable. But the crew is usually much more a gamble than on Qantas, I find the QF First crew almost always absolutely top notch. I also prefer the food on QF though the missing caviar service is a real minus in my books while I agree that the champagnes are actually better on QF (give me a Grande Dame over a Dom any day!).
The one big difference where I originally thought EK is way ahead are the seats: Yes, Qantas is cheating a bit calling those chairs a 'suite' as they certainly are not but I've learnt to like them and find them actually way more comfortable when turned into a bed than the rather narrow EK beds.- makes a difference especially on longer routes I find. Said that- if you're traveling as a couple and don't mind giving up your window seats, then of course the middle seats on EK are the way better option. For my partner and myself though, we rather have window seats behind each other anyway and the Qantas swivel seats have that excellent ottoman opposite which makes it really easy and comfortable to still enjoy dinner with your significant other.