There is once again speculation that there may be a formal DJ FF program by december however they are hinting they will only do it if they can be totally revolutionary and have no desire to follow existing models so I think we can forget something too similar to QF, NZ or even Rex (of course they could just launch a clone of an existing program an PR it as unique and revolutionary - wouldn't be the first time a virgin company did that!).
In the mean time there is still one (non credit card related) way to earn and redeem point on & for Virgin Blue flights, see
http://www.flyertalk.com/forum/showthread.php?t=456929