Heya,
I'm a QFF and recently looked into the points.

Basically, _most_ of the time you get full milage points and status credits with all the OW fliers.

There is a table on the qantas site under the frequent flyer section on earning points that details all the flights where the earning is less then full.

As you go up the statuses, you start earning bonus points, i.e. i get 100% extra points on flights. These bonuses, however, only count for AA, BA, and QF flights. (one of those three must be on the ticket, which i think/hope means codeshares are ok)

I found 2 return business trips between syd and london with a couple of extra domestic flights got me from nothing to platinum (ow emerald). This is pretty handy for using the 1st class lounges (syd one has free massages) and 1st checkin.

Haven't used the other schemes so can't comment on them, cheers.