QC does get you into BA lounges when flying BA - also AA lounges when flying AA. However PP does have more utility (I dropped QC because I wasn't flying enough to justify it for a spell, and then when I started to fly an awful lot more on business went to PP since the vast majority of my flights are not BA (they could have been if BA hadn't become London Airways )) - it's really on T5 that I ironically struggle with lounge access now! Watch out QC also has a nasty one-off joining fee, although if you wander over to the Qantas board, there are ways to reduce the membership costs...