Since this thread began I have been lucky enough to receive a fair few benefits from QF. Probably the most important are the 98,000 91st birthday bonus points.
A gift from epiqure is, apparently, en route to me. I have had two upgrades, using points, to F which made my journey almost pleasant. (I'm not sure the latter is part of the loyal customer reward plan but i have only managed to get 1 upgrade to F in my previous 12 years!!)
On top of this it seems that domestic priority boarding is being implemented.
All in all not bad....but not enough to retain my previous, almost blind, devotion to QF. My domestic travel will go to VA, as will some international travel. I'm loving the complimentary upgrades and to a certain extent the novelty of flying VA. More importantly I find VA's customer service excellent. I'm yet to have a bad experience with VA so I am of course wearing my rose coloured spectacles!! (I have routinely experienced poor QF customer service.)
There are routes that necessitate QF/OW flights so I'll, at a minimum maintain WP and probably PG, but in my next status year QF will lose about $30k of my business.
I'd be interested to know how other FF's see the rewards for loyalty and how, if at all, they will influence future bookings.