I think the answer to the question is mostly related to where you live, who is paying and/or if you are LTG.
If you are SYD, MEL or to a lesser extent BNE based and your company is paying for your flights, I assume you are sticking with QF as QF actually services your port and you do not care how much extra you are paying over the competition.
If you are based elsewhere and/or you are self funding your flights, I assume you are more likely to be (and should be) looking elsewhere.
Being PER based, QFi actually gave up on us for a while, so we were forced to look elsewhere if you wanted to fly anywhere west or north of PER. Even now QFi are back (sort of), they offer a lower quality, low frequency service compared to the competition (generally SQ at the top end and 3K/TZ at the low end). Domestically, QF and VA offer flights within 45 minutes of each other on my most popular sectors to/from PER, so there is no real difference there.
Being primarily self funded, QF have not been equal or lower in price on any flight I have booked since instituting my personal BFOD policy at the end of 2014. This statement is without exceptions. Any QF flights I have booked were more expensive than VA, but I booked them to use up QF gift vouchers that were going to expire or to allow J points upgrades at the time of booking (to burn points). Although the on board service is marginally better in QF dom Y (equal in J), this cannot offset the thousands of dollars I have personally saved implementing BFOD.
So in my case, going 'purple' has been a no brainer and I am actually a bit disappointed that I let myself be 'blinded' by my past 'loyalty' to QF. Knowing that I have LTG in the bag is also good if circumstances change in the future. I get equal frequencies domestically on the sectors that I fly, I can actually fly full service to South Asia (and beyond) and all at lower cost and with greater flexibility on the partner airlines (you earn full FFP and SC if you book direct on SQ/EY unlike EK).