I had the same observation for 3 years of P1 as you describe above.
At the end of the day you would be foolish to believe anything will change or that you'll get anywhere near 3x the benefits of treatment above a vanilla Platinum. Daver6 is right about diminishing returns.
You need to look after yourself and your own best interests instead of blindly crediting SC/points into the QFF program if you feel the program no longer meets your expectations.
There is no shortage of alternate FF programs, some of which don't involve changing what airline you fly on but rather what program you credit flights/credit cards towards.
No doubt P1 could do with tweaking but at ultimately this is a reflection of senior management and how they view the program. They run it. You, I and the other 10 million frequent flyers do not and if you trawl through the tens of thousands of posts, hate threads, feedback posts and suggestions - there is an abundance of data that QFF could put into action that would net the program more revenue while increasing overall customer satisfaction. QFF have chosen to read but not take any real action and this type of behaviour over the past 15 years of feedback from online forums proves that - the end customer, regardless of status - either: don't mean much to their business, are not important to the overall strategy or the airline employees reading this are yes people with no balls to make a difference in their job.
As upsetting as it sounds - you must vote with your wallet - not your words.