Agreed with a lot of points above - it's all relative. As a domestic lounge, it's superb. If I was flying QF F back to Oz? Above points are very valid.
Despite the inexpensive wines at QF LAX F, some of them are rather good (to me). AA's FL in T4 has more expensive wines - many of which are 'meh'. Their spirits are better at AA FL, also.
I think if QF could add a $150+ champagne, a high-end whisky, and a couple of well-plated dishes, it may meet the F expectations that many of you have. All of that said, I love the steak & fries, squid, rocket salad, etc!