As a QF Platinum member, I have had very good experiences with their priority waitlisting. The system automatically picks up the FF status and prioritised accordingly.

Obviously the best results are with waitlisting for full fare seats. A non-status waitlist for a full fare seat (in Y, J, F etc) will be preferred over an elite-status member waitlisting on a discounted fare.

On QF (and probably other carriers) there are only a few fare basis that they will accept waitlisting.