Why would anyone in Australia want/need to compete with UA MP? Noone else outside the US sees the need to; why is Australia different? In fact, given the current financial plight of UA, and the dwindling competition in the US market, it's easier to see UA modifying their scheme in the direction of world norms. Have a close look at some of the UA forums here: they are full of people complaining that 'elite' status is meaningless because so many people have it, that upgrades are all but impossible to get etc. etc...doesn't sound like paradise to me!
BTW, previously in this thread I stated that the new QF scheme would make me better off; I'm afraid I have to take that back (can't add up, dammit!). In fact I finish up almost exactly where I do now..and I'm better off than most!
(See also the other thread I started in this group).