All this meat talk isn't the best thing to read first thing in the morning... Now I want a bacon and egg roll... Mmmm... Bacon... Oops, bacon is pork...
On a slightly more serious note, if you don't like DXB as a transit point to Europe, there are still plenty of options, HKG, BKK, NRT, PVG and eventually, KUL. Also, don't forget RJ is also in OW, but some think the Middle East is a giant war zone... OK, you may not be flying on QF metal, but that hasn't changed due to this agreement. QF metal at LHR is already at a minimum anyway.
The key thing that hasn't been clarified is what the SC earn will be. Personally, I'm not too worried about the mileage earn. SC is where the game is, I can get my miles from Woolworths and many other options this Frequent Buyer club permits.
I'd be (pleasantly) surprised that every flight with EK code will earn SCs and even more surprised every EK flight will bear a QF code (and vice versa). This means not every destination that EK flies to will earn SC's. That means, strictly from a SC perspective, while EK brings a great network to Europe with one stop at DXB, one won't earn SC at each destination. At least with BA, AY and IB, you will earn SC at each European port BA/IB/AY fly to.
I'd also be interested to see how the respective FF programmes align. EK has a vastly different programme. From my quick browsing, it's a rolling 12-month review and it can be quite easy to earn status in Australia with the domestic network. Since EK doesn't have a domestic network, it's a lot harder to earn status. In addition to that, Skywards only have 2 'real' levels. Depending on how deep this partnership goes, the next thing to get a big overhaul can be QFF. Dare I say it, it's almost overdue to have one...