As a WP that earns around 1800 SC's a year, these changes do very little to excite me.
There is no real benefit in me keeping my WP now that SG has 75% bonus points, as most my travel is done in discount-Y Domestic.
The only real benefit prior to today was the extra points and the J lounge, along with a few international trips here and there for the F Lounge.
Now, it's 25% more points.
I'm really hoping that
Virgin Australia's FF revamp is stunning. I am trying my hardest to get excited about them providing some real competition in the market and actually rewarding frequent flyers as opposed to occasional ones (PS) and frequent spenders. Not long to wait for the revamp at least (by end of June wasn't it?). I have my DJ status match, but just haven't been flying as much since I got it to take advantage of it. From my experience though, I'm treated far better on DJ as a gold than I have ever been on QF as a WP.
Call me a whinger if you will, but once upon a time, QF valued WP's. WP 1 may be good, but it also may not be. Not worth getting excited until it is announced. WP seems to be a lost sheep in the overall status land of QF. Surely there's going to be many more WP's than WP1's, and those somewhere in between could easily be lured to greener pastures (imagine if DJ joined ScaryTeam or Star?).