I first qualified for MPC in 1998, but unlike you I recall I had to rack up 40000 kilometres in CX flights irrespective of the booking class 6 monts before the request to join date.
I'd say that CX was head and shoulders above competition until circa 2003-2005. From thereon it has slid towards the mid of the pack, although in all fairness I do not see around other airlines that have the same outstanding combination of hard and soft product like the old CX. What I fear most for the future is a combination of increased mainlaindization (from the other shareholders) and american style raw utilitarianism pushed from hired US consultants will further push down what was once a splendidly run airline.