Everyone has their own take and mine is I think the * class offering is very good for the price. You get all the perks a PE QF traveler gets like noise canceling head phones, blanket (not as good a quality but still a blanket), one of those blow up pillows that wrap around your neck (never used it), toiletries etc. You also get a J domestic type seat which IMO is satisfactory (maybe not as good as PE QF but still nice). For sure the meal service is poles apratrt but what they server you is still nice and I thinkt he meat pie and ice cream as second meal is a clever touch. Unlimited drinks just like QF but no AVOD, their personal TV offering is not as good as QF but I think that is more to do with being able to store content in the units.
I always fly JQ * class from MEL-BKK-MEL instead of QF PE via SYD a) for the extra SC's and points, b) because it is a direct flight and c) because I am satisfied with their product. If you had a choice of both I woudl always recommend JQ * class instead fo PE QF.