Agree with a lot of your observations, but it is a different market with different prices. It appears most passengers prefer BA's prices, which has shaped the product they offer. In terms of inflight offering, QF have cut back quite significantly on what they previously offered, but obviously it is more than what BA now offer.
On QF lounges. They are nice spaces, but the hospitality is more limited than that available at BA GCs, particularly in respect of alcohol, where only wine and beer are available in the domestic QF lounges and only at certain times. Certainly no option of a glass of champagne, albeit on request, as is available at the BA GC.