comparing qantas, all classes, with sq first (and a single regional business flight) I agree there are some short comings with sq... in general their food is nothing to write home about... except for their cold food... the caviar and salads are fantastic... and by the time you get to the main course they have plied you with so much alcohol that it doesn't really matter...
qf on the other hand has marginally better food in j and f, but that's about it. service can be too hit and miss. I also saw sq house champagne in business class is bollinger. a nice drop.
the one regional flight I did I couldn't help but think... 'trust sq to get an angled bed just right'... and it was... perfect (for me). extra wide and no feeling of sliding down.
the thing that sets sq apart is that you are unmistakably on board an sq plane... the service (whether it's your cup of tea or not), the branding, the ambiance... it's all sq through and through.
I visited the bathroom on an a380 flight last year and while waiting I heard a crew member come back and say 'mr tang would like a cup of coffee, no milk', no reference to the passenger seat, just even amongst themselves addressing the passenger by name. I've never seen that on another airline.
as for the sq suites... simply amazing.
unfortunately for qf it takes a good day, with all the stars aligned, to have a fantastic experience. with sq that same experience is more often than not.