So here's the value I see in Qantas transfers: domestic flights on American under 2400 miles roundtrip are 24,000 miles. That would cover DFW-DCA, for example. Barely.
Even there, you're better off just buying a ticket with points-for-cash (at 1.6 cents with the Prestige) since DFW-DCA is often more-or-less $400, I believe.
Am I missing something?