I flew SYD-PVG-FRA one way in late July on MU, QF classic reward. I have to say, I was pleasantly surprised by the experience. And, for 139k points and $250 in taxes, it was very good value (as long as you don't get stuck with a dodgy old plane like Dr Ralph).
Yes, the food wasn't fantastic but I stuck to the white fish dishes on both legs and they were palatable. Service was so-so but not for lack of trying (just probably lack of training). IFE is absolute rubbish but I had books and my iPad. The seats, however, were great. Really comfortable. I was on an A350 SYD-PVG (with the little doors) and B777 PVG-FRA. I actually found the MU B777 seat much more comfortable for sleeping than the SQ one on the way back.