I would add a big +1 on this, I've done LHR-SYD in both first and club with my first born and club is much much better for little ones. Ok you don't get all the first experience etc but with club if you get the bassinet seats at the back of the cabin and both you and your partner are sitting together you get a nice little space for both you and the sprog with plenty of room to manoeuvre. The little one can even sit on the floor to play without much chance of them crawling off or getting under the crew's feet. In addition you also get access to your video screen which is blocked off by the bassinet in first. I wouldn't worry about missing out on the CCR either, LHR-SYD is a late flight and our little one was so over tired when we did it we didn't have much of a chance to enjoy the CCR as we were trying to keep her from melting down. On both legs we used the seat not the cot, at least that way the baby can sit up and play if needed.

I would go for club every time, in fact that is why when me, mrs Joely, baby Joely number one (4.5 years old) and baby Joely number 2 (8 months old) fly to Miami tomorrow we are slumming it in club