Ah, well, that counts me out. I do international J through DONE4/5 flights, and when I fly domestically, work forces it to be on discount Y (I sometimes convince them to pay for SuperSaver fares which now are full Y SCs), so I'm at 3720SC now for the last 12 months, but only 1420 of them are on QF.
Ah well, sounds like P1 is out of reach for me, realistically. A pity. But no worries - I understand why QF want to keep it for people that fly QF most of the time, rather than people that fly on all the OW airlines, as a way of keeping it super exclusive.
I'm sure that the details will filter out soon, and there might be some compelling reasons for those that fly a lot to get it. I'm not sure that of what I've seen so far, it would be worth trying to hit P1 - P1 doesn't seem to me to be that great - it's nice, but it's something I can live without (unless there's more that hasn't been reported).
The interesting thing will be the personalised travel service - I have a friend who is AA Concierge Key, and he describes a number of things that AA does for their CK members - for example, when they were connecting through one airport on a flight that was running late, they were met at the gate by someone from the CK team, rushed through by the team to a taxi which was waiting, taken through security at the other terminal, and then escorted through security and onto the flight. If QANTAS does those sorts of things for P1 members, then it'll be useful. I'll be listening with interest how the early experiences of P1 members are.
For those that are getting P1, congratulations!