I did not book it.
I found P from LHR to MEL in MAY and MEL to LHR in June then did a dummy booking on AA.com.
Thanks, must have been lucky because I can only find P availability on 4 days in June (QF10 LHR-MEL) and some on QF2 LHR-DXB only, none all the way LHR-SYD.
An important part of the discussion regarding value is availability and what you can exchange the points for.
Reminds me of this Oscar Wilde quote:
“Nowadays people know the price of everything and the value of nothing.”
ie. AA miles can be used to book flights from 330 days out. QF at 353 days. If the type of ticket you want gets snapped up in that 23 day period, resulting in no availability meaning you can't exchange your AA miles for your preferred ticket, then those miles have no value (to you). In this example, QFF points for U/P transpacific awards would definitely be more valuable if you want to have some degree of certainty.
Again, YMMV!