Well redeeming Y isn't a joke, I know that most of us here know redeeming Y isn't great value (compared to J/F savers if available) but when comparing apples with apples, like SQ Y vs QF Y redemptions, then you can see which program costs the flyer more.
A simple Sydney to London one way in economy, say May 2, example:-
SYD-xSIN-LHR with QF (a380) will require 64,000 and $372.08
SYD-xSIN-LHR with SQ (a380) will require 40,375 and $371.88
Now, let's say we want to go to Paris .... getting there with SQ will be the same points and taxes, not to mention requiring only two flights from OZ .... versus QF which is three flights if via LON or if use their partner like CX and it will require 75,000 points and around $350 in taxes.
I can see that many dislike taxes, just like I really don't like them, but when comparing apples to apples, I can see which program is more value for money/points