The reason QF is often mentioned is that status earning is relatively easy if flying mainly first/business class, and of course gives lounge access within USA and points earning on all trans-atlantic one world (no need to pick and choose flights like BA/AA). The downside is earn/burn rates on QF are truly pathetic (for most FTers).

Unless you are planning to use miles for upgrades (which in OW is mostly only own airline unlike *A), the benefit of the alliance is you (mostly) don't need to credit to the FFP of the operating airline.