Richard ,What AY charges for any airfare is irrelevant to this deal as thse are QF marketed and sold airfares apply to these services.
Anyway, AY has usually (and still is) been good value for combo Business Class europe return and RTW fares. Last I checked a month or so back $7200ish for a RTW in J is pretty good.
I realise you're talking about economy and not business and are cynical about the proposed arrangement. I guess proof will be in the pudding, but seems pretty clear about aircraft amenity that will be provided. Basically AY provide the hard product and staffing, QF provide the soft product (though the IFE is a bit of a question mark?)
Good points.
The pre Covid RTW fare out of Australia was indeed good value but not as much now - more restrictive and more expensive!
Its got to the stage that the LH RTW beats AY!