I wouldn't waste the $4k either.

In fact, after a move from MEL to SIN I find myself in a situation where due to a 6 hour rule a lot of my travel is now in Y. Retaining * gold shouldn't be a problem due to miles flown in Y. However, with my limited J/C travel I have the choice of either trying to retain PPS (which may be difficult) or retaining oneworld emerald (Platinum on Qantas).

OK PPS gets some duty free vouchers, and access to the KF lounge at SIN when flying SQ, and the medical insurance I guess. Other than that it seems to be basically Star Gold. By contrast the QF status gets me FCL access flyng OW irrespective of class being flown, anytime Qantas lounge access, irrespective of carrier, ability to request award seats where not available, ability to preallocate exit row seats in Y (without having to pay a surcharge like SQ now impose), the downside being no new luggage tags each year

And here's the rub I can't even justify travelling in SQ when I do have the chance to fly up the front. Going to SIN-NRT-SIN in a couple of weeks, pricing is $4k (SQ), $3k (JL) $2k (CX). Look's like it will be a CX status run.