Just got it and filled it in. My feedback was basically the same as those here - the program doesn't even resemble a frequent flyer program so much as a frequent credit card spender program. QF Loyalty has managed to pull in as much as QF International, despite not selling status credits to anyone - even on QF Money issued cards - so why is it so important that NZ Loyalty continue to sell status directly? Added onto the ridiculously poor earn and burn rates - especially the lack of status earn on APD any seat redemptions (QF and Velocity issue status credits on any seat awards as if paid in cash, just not classic awards which is fair), and abysmal availability of R, X and I inventory.
I am going to agree with those here saying it's unfair to pick on Koru though. The Koru benefits are comparable to those of Qantas Club, and in fact inferior to those of United Club or Air Canada Maple Leaf despite them being around the same price or less expensive than Koru.