I can't see how you can discuss value between two programs without comparing the cost
For some AA is a clear winner....for others it's worthless. Restricting the conversation to one view is counterproductive in regards to the question asked by the OP.
As I posted ... earn ... burn. (Here 'burn' is really a metaphor for 'spend' that rhymes with 'earn'.)
Try to title this thread: "How much more value is an AA mile versus a QF point to earn?".
Doesn't make sense to me.
Try this: "How much more value is an AA mile versus a QF point to 'burn'?".
If you want to refer to 'cost', I was a proponent of QFF over AAdvantage around ten years ago - I considered a platinum challenge, but decided as a WP earning 1000 points minimum per flight QFF was better for me than the earn would be as a AA Plat/EXP.
Things have changed - it's now 800 points minimum with QFF and the burn costs for international trips are becoming horrendous. (See $1080 YQ referred to earlier.)
Lets forget international redemptions for a bit. AAdvantage reward one-way business class bookings within Australia cost 17,500 miles.
MEL-PER +++ is USD14 , MEL-SYD is USD13, both cost 17,500 miles.
To contrast QFF is AUD35 & 36,000 and AUD32 & 16000 respectively.
So, if you can't garner AA points then you may find yourself stuck with QFF, or perhaps as I have done, move my domestic travel mainly to VA.
To be honest, 2 for 1 is being generous to QFF IMHO; up until July 1 it was not so - but we are 29 days into what really is a massive devaluation of QFF.
(I burned all the QFF points I could garner (over 200K) in the six weeks leading up to this month, ending June with a balance of under 5k. It now over 20K due mainly to Chauffer Drive cancellations.
FWIW, I do not have a single QF flight booked in the second half of this year. That's the longest break on QF flights since I began flying them regularly in 1994 (that's with over 1000 QF flights).