Just got off Malaysian - business class to Perth OZ. What an absolute pleasure. Done this a few times now with them. I have to pay myself, and pay the full whack, so I look quite closely at what I get. The fare actually isn't too bad on Malaysian compared to BA, QF and Singapore. As I look around the cabin, I get the feeling that there are quite a few punters that are paying for themselves and so have chosen the Malaysian option.
Love their service, and the cabin crew are all very pleasant. Their new B777s are a whole leap forward compared to the 747s (and it must be said to the A340s of Virgin and SAA). Great lie flat seats that only slope a little bit. Loads of legroom. It sounds silly, but their signature 'satays' are a memorable treat. The business class main toilet is big enough to practice ballroom dancing in. It makes even the simplest task of shaving an absolute pleasure. Mile high club? I getting too old for that, but you could make that a 'mile high team' if you wanted.
At the stopover in KL, you can get a shower in the lounge (free business class access) which makes a real difference. It says something when my wife talks as much about the great flight as she does about shopping in Paris or doing some tourist bit in XYZ or wherever. Re Avman's commnet - the last leg from KL-PER was a code share with KLM.