Im sure it looked a little pathetic among its larger peers, Trafalgar. The thing is, however, that the AC type is not what makes it premium. Ok, there's that fuzzy feeling walking in and turning left in a Jumbo, and the A380 is a tad quieter. Note that there is absolutely nothing exclusive about the A380 - there are so many seats in first and business, it doesn't have an exclusive feel about it, whatsoever.
The bottom line is that its the carrier that provides premium product, not the aircraft. The number of pax who will opt for the A380 due to a bit less noise and roomier 'feel' will be more than offset by the number of pax who want frequency. QR is another 'twin-jet' fleet who undoubtedly provide some of the industry's best service. A/C have nothing to do with it, provided they are modern.
Whether we think CX service is good or declining; one thing is for certain, it is still better than most. Certainly moreso than our OneWorld A380 operating brethren.
All the A380 will do is help capture market share. It's fair to say CX have done a decent job of getting it's requisite share of the HKG-LHR market. It is also in a far better position to manage yields than an A380 operator. Love or loathe them, the CX management are very astute at revenue and yield management.
Market share does not mean profit. At a time when all the US carriers were going bankrupt chasing market share, Herb Kelleher was in the background, the only one saying that market share is not profit. Look how that turned out.