If I were starting again, I would choose AA in a heartbeat. The better earn/burn ratios make it a much better programme and as I have an Amex Plat, I could get into AA domestic lounges regardless of status (which is something you could look into although Amex Plat in Australia is quite expensive).

The only reason I stick to QF is that I am getting very close to achieving lifetime gold (i.e. OneWorld Sapphire) and it's worth suffering the pain until I achieve this gold. Also sticking with QF means that TATL I can choose AA or BA although as my partner is an EXP we tend to go AA if flying together due to the BA/AA TATL earning rules not to mention the opportunity to use EVIPs.

In general, QF probably offers the worst value programme in OneWorld and is not recommended. If you want an easy (as in status wise) programme as you mainly fly in the pointy end, BA is a better programme to go for although it's still well behind AA.