It's a line ball call. As
@levelnine says, it depends what you intend to do with the Avios. Bear in mind it will take a year for you to receive the full whack, so it is not going to be for immediate redemption (and the received wisdom is not to buy points until you are about to pull the trigger on a redemption). Also bear in mind that most routes with connections will price as the two individual flights rather than as a connection.
Personally, I could be tempted by being able to access QR flights to/from less common destinations, especially in Africa. They are not available any more through QF. I could also be tempted by return fares to London - I think they just creep in under the 200k - although who knows where they would price in a year's time, and that would be for a flight that is currently two years in the future.
I would also be wary about looking for the cents/Avios redemption value. If you divide the cost of a walk up J fare by the Avios you are using, you are probably kidding yourself - in reality you would never have spent that amount of money on the fare using cash. By that, I mean if your Avios cost you ~$4000 for a return J flight to London, it may look like good value but would you even have spent $4000 to fly that route or would you have gone in deep discount Y or used QF points for another carrier? My pockets are not deep enough for that, and so I'm not sure they are deep enough to pay for 200k Avios in the off chance I might want to use them in a year's time.
Like I say, I am sorely tempted, but haven't been quite tempted enough to go for it yet.