I have a feeling this is exactly what QF are thinking with the WP1 tier.
We've already seen statements from Red Roo that confirm that the 'typical' WP member travels more in premium cabins than in Y/Y+, and indeed you'd have to do a massive amount of flying to make it to 3600SCs on nothing but discount Y fares. So it makes sense to assume that a WP1 member is most likely travelling in J domestically and J/F internationally.
As such, there's not much benefit to either party to offer upgrade guarantees to WP1 flyers. If they're already paying for F then the attraction of a guaranteed upgrade is meaningless (unless there's the offer of sitting in the coughpit jump seat...), and indeed if they do become entitled to guaranteed / pre-confirmed upgrades then QF are simply telling them to book a J fare and upgrade rather than buy an F fare - which is certainly not a commercially sound decision.
Similarly the re-introduction of anytime lounge access, regardless of which lounge, isn't of much benefit to someone who spends a significant chunk of their life in airline lounges anyway.
The press release, executive sound bytes and FF emails suggest the WP1 tier will be more about soft product improvement than hard benefits. I can imagine the offering will be things like valet parking (already an option for high-earning WPs), limo transfers for international flights, priority in phone / customer service queues (no doubt already occurring), QF 'hosts' to walk you through check-in, security etc, invites to QF events (anyone remember the Veuve Cliquot tastings held for WP members some years ago).
My guess is that there won't be much worth striving for as a 'regular' WP, but that those who would normally fly enough to reach the WP1 level will be pampered sufficiently to keep them flying with QF in the future.