QF created P1 to stop some (many?) high SC earning individuals jumping ship after qualifying/requalifying in their membership year. That's why there isn't a substantial range of benefits when compared to the much better BA GGL tier, it's just there to lock in revenue much the same as a Qantas Club membership does for Bronze and Silver flyers. I'm not defending QF's position rather just attempting to understand the thought processes; it wouldn't surprise me if P1 was the brainchild of bean counters as much as the Loyalty team.