As was just pointed out to me offline by a QF rep, QF already grade people to their worth and loyalty within the QFF subgroups...(we know this and is been much discussed as to exactly how as it is not visibly published)....
So argueably the people who become P1 are already 'ahead' in priority of other people in the WP band... IE they would have definitely been getting AIR for a start, upgraded as a priority..etc. Perhaps this is twofold - a) making that fact more transparent and b) rewarding them.
Just thinking (with some help
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I thought about that when I posted, given I've never received the mythical AIR thing. I have no doubt there are subgroups within WPs now, and will be further subgroups within P1 and WP in the future.
As you said, with P1 officially exists, QF has made it slightly more transparent. If they claim WP benefits won't be eroded, it is pure spin. WPs are now officially demoted one spot in the upgrade queue, phone queue, any other queue you can think of. They can only claim that because we can't prove it.
Maybe except the domestic priority boarding queue, because that hardly ever exists...
EDIT: Another thought - If they can truly claim WP benefits won't be affected, P1 benefits will have to be completely outside how a customer (WP or not) interacts with QF now. If it touches any existing processes, be it on the phone, services on board, bookings/priorities, etc, then it's an erosion of benefits.
What this means is P1 will likely have things that are similar to the LH Super-doper level benefits (can't remember the name), so it'll be the phone agent able to book your flights as well as your hotels, restaurants, etc... Some sort of concierge service, even more points, airport transfer. If that's the case, is it even worth the effort?
There's also a chance QF won't even publish the P1 benefits, just to keep the mystery. We'll have to rely on those here that are at that lofty height to tell us mere mortals.