Almost. T5 does indeed open in 2008 and eventually 90% of BA flights will operate from T5 -- a huge improvement over the existing LHR terminals. All of the JSA flights by BA will move to T3 (circa Sept 2008); so all the Australia and Spain service by BA will be from T3 and not T5. I think QF and BA will still be in T4 in August 2008. The major refurbishment of T3 isn't until 2009 so don't expect too many improvements in the short term. In the OP's timeframe the CX lounge is almost certain to be the best. It is quite a nice lounge and the food is as good as the BA F lounge in terms of quality, just not as much variety as the kitchen consists of a single chef.

But the OP clearly knows what he is doing and has deliberately chosen inferior services (avoiding the fine CX service HKG-LHR and the better BA service LHR-US; sadly AA F service has slipped badly in the past year and I can no longer recommend it, as it is generally inferior to the new BA J+ service on most routes -- and if you recall my past posts, I was an avid champion of AA and often chose to fly AA F over BA F in the past, so I do this with regret). AA has made one change too many in cutting back on its premium services -- and it shows. I guess those new J seats -- a complete disaster -- are costing too much money, and the rest of the service has had to give.