OK, so rather than rush in, i've given myself 24hrs to take it all in and put some thought together. Apologies for the long post. I've tried to break it up a bit.
1. SCL ve EZE - a good move IMO - shorter QF leg allowing better loadings (no weight restrictions) and feeds into LAN's extensive (and growing) network which EZE didnt. Dropping HKG-LHR and BKK-LHR is sensible to me. But I hope they continue to offer a late departure ex-MEL to LHR on QF (which means via SIN). Pleased they've kept JNB and HNL (at this stage).
2. Aircraft: The pessimist in me suspects the 787s will end up in the Asian "Premium" airline. If they intend to go ahead with 320s, that to me is not "premium" (I guess unless they fit it with something other than 3-3 economy seating or have very generous pitch). The total absence of any announcement on the 787s fuels this pessimism. The phasing out early of the 744s is ok, but the delay of the 380s is puzzling given they are constantly commenting how great the 380 is for their loads and yields and operating costs. So which is it? Also, it will now be 12 380s with F (4 class) and only 5 in 3 class - seems a bit odd to me - same fitout would be better.
3. Decentralisation - as many here point out, they havent really tacked the core issue that has cost them market share - Sydney-centricity. Why anyone flying out of BNE would go BNE-SYD-SIN-LHR-EU destination when they can go BNE-SIN-xx or BNE-SUH-xx or BNE-DXB-xx is really telling. Better options ex-BNE is vital and this is the market share being stolen - not ex-MEL or SYD. PER is another example of this - why go PER-SIN-LHR-EU when you could go PER-DXB-xx. Similarly PER-SYD-LAX-xx when you could go PER-HKG-xx directly. There's lots of examples, and the 788/789 is the right plane to decentralise this - if they can leverage their MH partenship, or better work with CX this might happen. Instead they've decided to keep funneling pax via transit points they dont want. The addition of a "hubbed" premium non-QF QF in Asia wont help this feeling. I'd like to have seen 380s out of SYD/BNE/MEL and 788s out of ADL/PER/CNS into say SIN allowing the 380s to continue to LHR/FRA and the 789s to other EU destinations. The "Premium" non-QF airline will also need to be class leading - pax in Asia will not choose QF just because it's QF - and this airline will still be seen as QF.
4. MH/BA/OW - all good moves - again as others have pointed out, the european airlines have been doing this for a decade now, one only has to look at the decline in EU airlines operating to SYD to see this. The key here will be getting the customer experience equivalent on those partners. I've noticed questions/comments already about inability to upgrade on QF codeshares - Qantas need to look at this. The customer should be happy to have chosen Qantas, even if half (2/3) of their flight to europe is on another carrier.
5. Dont sell what you cant deliver - for too long, QF have been telling us they're premium, advertisng the F lounge, the personal IFE but the reality for the majority of their domestic pax, and anyone not on the 380, is they're getting an inferior product. THis is part of what has produced the cynicism towards QF and damaged their brand - they're not delivering what they promised. Again they tell us people preferentially pay a premium to travel on the 380 and then at the last minute get switched to a 2 class 744. Not acceptable, despite all the minute disclaimers they have.
6. "The experience" - this goes to numer 5 - if i've paid a premium to be on Qantas, I dont want to feel like you're short changing me to save a couple of dollars - i've sure paid more than a few dollars premium. "Enhancing" the meals, "enhancing" to two biscuits instead of one etc etc (the list is enormous - beetroot chips anyone???!!!) IS noticed by your customers who question why they've paid the premium to fly with you.
Some of this is addressed in the latest changes, which overall are not positive for on-shore jobs, but is a step towards keeping the red roo flying (internationally at least). There's more I believe they should do, but it wont happen with AJ at the helm as all he thinks is cost.I still cant help but feel that QF argue they put the new money (fleet etc) into JQ as "that's making money" but with a new fleet, better routes etc, QFi would be making money too - probably more than JQ.
The next 5 years will possibly the most critical in QF international's history to tell whether it can survive. At least, it's going to intitially be much smaller. Hopefully post 2020 it can start to grow again, but a decade is a long time in aviation.