I think the important point is that, even if the alliance is not approved, QF can sell tickets with EK codes, and vice versa for EK. They can't coordinate marketing or prices, but in the aviation industry, that's not important - everyone knows what everyone is charging, and the routes are all in GDS so any capable travel agents can easily pull them out. It's going to make things more difficult for them, but I expect the end results to be more or less the same.
I've frequented through both SIN and HKG airports, and, as an airport, i think SIN is quite a lot better than HKG, although HKG has much better OW lounges, and seems to have a lot more space since everything is concentrated into mostly 1 big terminal airside rather than disjointed into 3 main parts (plus some other bits). Anyway, each to their own, I suppose.
And while it seems like QF has (or had) a hub in SIN, the fact is, nobody in SIN would fly on QF unless they have no choice, or it's the cheapest. The perception in SIN is that QF is unsafe, unreliable, and the service quality is on par with the likes of United. Whether that's really true is irrelevant - that's how the local market thinks. All of my colleagues would prefer to be on BA than QF, and I think that says a lot about the poor brand image in this country.
And then, those connecting to Asia via SIN are probably already doing so on SQ, and it's unlikely these pax will change to QF no matter what QF throws at them. Similarly in HKG, anyone connecting to Asia (mainly China and north Asia) would be doing so on CX/KA already, and unlikely to ever step foot on QF unless there are some major incentives to do so.
The fact is, as nice as it sounds when AJ says QF will focus more on Asia, the airline is simply uncompetitive. The only feasible advantage the group of company has in this part of the world is the Jetstar name.