I used to shun the idea of venturing over to *A for a RTW trip. Now even NZ and UA programs are looking like viable alternatives. UA gladly comped me PremEx and that 100% bonus is so easy!
A *A RTW in Business will get status (all be it no QP) and make those trips as pleasant as the good QF flights. It'll be around 20% cheaper than a OW RTW too. It's now a REAL option rather than just the "dark side". That'll keep the UA status.
I think QF have forced FFers to think about draining their FF accounts on those (not) easy to get FF seats. The competition just looks a whole lot better. The only thing now that can go wrong is for UA to go pear shaped.