Been A WP for a few years now and heres my experience:
I have Achieved WP flying purely domestic - (all long haul i do do is on SQ or LH)
This has been with 50 - 60 sectors booked in 90% flexible economy on BNE - SYD (80%) or SYD - MEL routes (20%) and 10% in Business class.
I upgrade around 70% of sectors before departure and have been lucky that the great staff at the domestic lounge in BNE or SYD have never failed to get me an upgrade seat on departure if the sms waitlist doesn't clear in time or i book last minute. All trips are self funded.
Furthermore 99% of flights i Take are the old J seats (hopeless and not worth a revenue purchase if self funded in my onpinion) and very rarely i get the blue lighting and maroon seats. I sure miss the 767's ha.
Experience in Lounge: purely comes down to being a familiar face and enjoy great rapport with some great staff out of BNE and SYD
Upgrades: always been charged points. Had 1 upgrade out of 80 flights over the last few years which i didn't upgrade on time before departure which was done after enquiring for any J seats (not sure if staff realised i wanted to use points and did it out of status and goodwill.)
On board: Scare recognition of status in J cabin, meal service sometimes prioritised, and one in a blue moon CSM's will do the personal introduction and thank for loyalty.
Call Centre: Premium has been good when i need a rare flight change and requested only 2 long haul J/F releases and received both eventually.
Other than that, i really haven't seen any benefit of WP, and if booked in J don't see any point of it domestically.
Priority Luggage: Lottery. Pure Lottery when bags come out (hardly use the Q tags)
I realise a lot of benefits might lie with long haul flights so its a shame that domestically you don't get too much. Plus every time i fly out of BNE or SYD there is never any FIN's left and poor staff are always chasing one from chairman's. I fly all revenue J/F/R with SQ and have seen benefits more with TPP and not much with QPP (in premium cabins nearly no difference). Im guessing the benefits experienced there would be the equivalent of P1 with qantas. I have considered booking revenue J with QF to achieve it however following this forum simulator time and a couple of corporate tickets for the rugby wouldn't do it justice ;p.
Then again I notice with interest the difference in amount of sectors as opposed to amount of revenue achieved by QF. I get that some people here fly long haul J/F that qantas earns a great deal more on that vs domestic flying. However when you are on QF metal at least twice a week, id like to see some recognition also of perhaps how many metal flights you take irrespective of status sector earn. This is strictly due to my patterns of flying with QF
That said Im tempted to flirt with Virgin. Only reason i havent yet is due to flying out of T2 and not T3 in Syd. Every time i get dropped off and you swing by T2 it looks like a zoo ha !