Hmm, what if both, the physical mechanism and the subjective qualia are simply intertwined in a way, that can not be deduced any further?
Maybe it's a little like the relation between gravitational forces and curved space time. Both are basically the same thing. But if you're used to live in one system, it's hard to imagine how it feels to see things from the other perspective.
Still there may be a lot of value to the complementary theory. Much like the GTR opened up a whole new range of physical applications, a physical theory of consciousness may lead to computer systems that we will have to attribute being conscious the same way as we do with our fellow human beings - just because both will follow the same fundamental laws of consciousness.