I received P1 at the launch (Dec '11). I'm just over 5 mths into my membership year, and have clocked just over 1,900 SCs (with approx 550 on non-QF metal). Am on track for renewal, but most of my current travel is domestic for the next couple of mths. Would make it easily with a double SC promotion (at any time), but have not received an offer, so on current projections, will fall 400-ish short by the end of the year. Have to say, though, that I have also been underwhelmed by the program.
I have received a couple of upgrades, which may or may not have been related to my status - best one was from J - F to the UK, but otherwise a few domestic (MEL-BNE, MEL-SYD), which are neither here nor there (I travel J to PER anyway). The rest of the "benefits" are fairly irrelevant.
The best promoted aspect, which is the additional availability of classic reward seats, has been useless for me, as I'm running at 0 from 3 attempts to get seats, so pretty useless based on my limited sample.
The epiqure membership is a waste of money and I would not otherwise join - their wine prices are generally 10% higher than I can get from my usual source anyway - again, no bargains there.
If I came really close to requal (ie < 100 SC), I might try a status run, but not otherwise.
Even an average year of travel for me will give me WP+ (ie >2,400 SCs), so not sure where the additional benefits really are. If we really are the elite of the elite, then QF does no treat us the same way that its peers do with their very top groups (eg Cathay Diamond++)