Basically, if one doesn't realise that you're paying for a name as well as everything else, then one might get disappointed when the service/amenities don't match the price.
I think that they are good value, compared to the price of yesteryear. Most of the reduction of services have come from the higher classes (eg dropping F on most routes) that said, they have introduced things such as skybeds for J. They have introduced AVOD systems across most of their long haul fleet for all classes (the 767 fleet is the exception). They still provide free drinks, plus refreshments or a meal (or two) on most if not all flights (flown with AA or BA lately, in Y your lucky if you get a can of coke on AA, and thats for a 5 hour flight), and there is still free booze on most services. (inc really short hops such as SYD - CBR). And whilst they don't have the "fun" aspect like other carriers do (DJ I'm looking at you) their FA's are still more oftan than not happy, and will still happily get pax additional drinks, pillows, blankets and other things if they are available on the flight.
Considering that they are now competiting with LCC's who are offering very cheap up front prices (but you then pay for things on board, and not every pax realises this), and the pax who have paid for a discount economy but expect and demand in no uncertain terms first class treatment, and yet are still managing to keep the company afloat in a time when most airlines around the world are in very real danger of folding (JAL just to name one) or have folded.
So whats right with QF? Well at this rate they will probably still be around this time next year, offering the same or better level of service, improving the services which they already have (I do believe the plan is to fit AVOD onto even more planes) and still dodging the bullets which the media is more than happy to fire at them.
Just as a final note. In the last couple of years I've been on over a 100 QF flights. I can think of 2 flights which have been below par - A MEL - CBR flight, because of a grumpy FA + CSM and a PER - SYD because of an a***hole pax (hardly QF's fault). So I figure at this rate there is a 2% chance I'll have a bad flight. (Unlike with AA where so far my hit rate has been 100% chance of bad flight), and yet I can think of at least 10 excellent flights, including one that was so good I sent QF praise - SYD to SFO (x2 - second one I had the most attentive FA ever, it was praiseworthy), BNE - ADL, MEL - AKL (x3), AKL - MEL (x2), SYD - PER (x2). So I figure I have a 10% chance of getting on a really good QF flight.