Contrarian view; for a first class lounge, it's good for LAX standards, but by world standards, it's woefully lacking.

The misses:

1. the lack of sleeping spaces. The seats are comfortable but if you're on a long layover they're not that good.
2. The actual food. It's really not that spectacular. Sorry, but I said it! I get that OW*E who are on a domestic hop are accessing a great benefit to be in the lounge and may therefore elevate their perception of the food, and comparing it to a buffet in the AS or AA lounges, of course the food and experience is better, but objectively, the food is actually pretty basic. (e.g. The steak and fries. Nothing wrong with the steak, nothing wrong with the fries. But it's not first class dining. It's a piece of steak and some french fries. Nothing actually that ground breaking. The tuna is also, actually pretty bland and basic. The widely acclaimed squid. It's thick squid, I'll grant them that - but it's breaded and fried. I could hop you in a black uber to save the walk, get you from TBIT to a nice fried joint and have you enjoying much more premium and luxurious fried squid than many prior reviews have fawned over. It's good. Don't get me wrong. But as a "First Class" dining experience, it's not that good.
3. The showers. Again - I'm comparing to other First Class lounge experiences; LAX QF F is not the pioneer here of anything incredible. Good, but that's about where you can leave it.
4. No dedicated work spaces. The mix of people make it a pretty busy and noisy space for most of the times I've been there. Sometimes I like to have a quiet space to work in even if it's claustrophobically small. It's better than fending off interruptions from Aussie babies boisterously looking for a dingo.

The hits:

1. The service. Generally it's consistently very polite and high end.
2. The proximity to other terminals and LAX now all airside connected. Not exactly a big check mark for QF as such, but it is actually not that bad to get to from the other terminals if you're a OW*E domestic loiterer.
3. The dining experience. The fact you can sit and dine. Can't be argued with that you get table service that, as to my point #1 is on the whole very very good, and get a range of food. While I don't score the food as "first class", the actual 'experience' is memorable and certainly distinct to most lounges and, they do it here well. The kitchen view too makes for quite a nice overall atmosphere.
4. The (manual) coffee. Aussie coffees are done well, and I'm not sure how the USA based staff (none of which strike me as ever having crossed an Aussie border) have mastered it but, however they have, they make good Aussie flat whites. Credit where credit is due.

I know it's a contrarian view (certainly based on my read of others, in summary). But it is my perspective on it all. I don't mind the lounge. If I have some time, I am happy to visit. I am also not disappointed if I don't.

YMMV! :-)