Yes, but the point is there was a good spread of airlines in the old programme on which to earn club miles. So, an interesting and spread out European network, with hubs in Brussels, Lisbon and Milan, among others.
When it came to redeeming tickets, one could do quite interesting things, interlining carriers etc.. Avoiding breaking ticketing rules, such as not passing through the same airport twice on the outbound or the inbound, was easier with the old regime.
However, Qantas is a worthy partner, with a good network. We should be glad.