I prefer the loyalty bonus over the upgrade credits (even though it was a downgrade in plan benefits) as I never managed to actually use the upgrade credits before they expired.

Many FF plans have gone to a 4th higher earned tier, so QF having a CL equivalent that is earned is just matching the competition -- making it a sure thing, imho. For some airlines this ultra tier is set quite low, while for others it is the equivalent of 1 long-haul F flight per week (making it truly exclusive). I suspect QF will make it tough to earn, unlike WP.