I have no problem with the new PO level, I really do not care if there are higher status members than me, eg. I dropped from NZ GE to NZ G as there really was little benefit to me to retain GE. I would not think of engineering my travels to try to go for it, I have beetter things to do with my time and money.
However QF devalued WP with the last changes, massive increase in fares for JQ (which I need to use in order to maintain status) and still no JQ acknowledgement of QF status.
Many of the additional earnings are not related to Status levels, WP travel economy or plenty of Zone 1 Business Class which has no additional benefits.
Without any increase in the value proposition of WP over SG I can see some WP dropping to SG and taking competitors instead, not something I thought QF would want. I will retain WP for my next membership year, will get LTS but I do wonder about retaining WP for the year after, my last EK Business Class trip a few months ago left me unimpressed but will still monitor their sales.