Will need to sift through the detail but at first glance this doesn't look particularly good for me.
Kills the incentive to book cheap J flights during DSC and TSC promos which means maintaining status will be more expensive, the 50% rule will be trickier to manage and despite being Gold or higher since 2017 there's a looooong way to go before hitting lifetime Gold, which looks to have a higher bar here than it does at Qantas.
Historically I think VA's lower requirements vs QFF status made sense because the airline was always smaller and on shakier ground in terms of long term viability. Wouldn't surprise me now if QFF status is more attainable than VA, which would be a huge problem. They do have some time between now and October 2025 to reconsider but I would think if Qantas ever wanted to run another status match campaign now would be the time!