Lifetime Gold gets the same benefits as any Gold member, including:

• Lounge access as you have noted
• Priority checking at business class counters regardless of class of travel
• Priority baggage handling on QF flights
• Priority boarding
• Priority seating according to FF preference
• Seating pre-allocation even if pre-allocation is closed to general passengers
• Priority waitlisting for upgrades on QF
• Enhanced award availability for economy class awards
• Priority telephone service (jump up the queue after entering FF number)
• Recognition by other OneWorld airlines as a Sapphire FF member

I am sure others will add to this list. Way better than Lifetime Silver!