Sounds like a great service, and will definitely consider it for leisure travel ex SYD. The price is great for J (admittedly a limited J product) and it is HND which is very convenient. Lots of status credits too, I imagine.
Depends on the routing, but yeah you can easily get Gold travelling out of SYD on a J fare for ~$2,300:
That routing would give you a total of 550 SCs
- SYD > MEL - 55 SCs
- MEL > CNS - 80 SCs
- CNS > HND - 140 SCs
- HND > CNS - 140 SCs
- CNS > BNE - 80 SCs
- BNE > SYD - 55 SCs
This trip alone would earn you the 4 eligible sectors and 500 status credits to earn Virgin Gold from scratch.
Taking a step back, though, a key question is whether it's worth it and whether that's the most economical way to generate those status credits. In particular I bring your attention to Qantas' perennial double status credits promotion, which when combined with a good J sale fare can be a very cost effective way of earning status. For instance I'm flying SYD > MEL > AKL > SYD > MEL in January for ~$1100 in J on QF and that will net me 480 status credits right there - certainly more economical than the HND fare. From there it's cakewalk to retain Gold status.
Most importantly whether it's worth shelling out the cash to pursue frequent flyer status really depends on whether you think you'll use the benefits. If you fly Virgin economy enough (i.e. on a monthly basis), then yeah, I guess you might benefit from it. I personally don't see myself setting foot too often on Virgin, but I do foresee myself setting foot on partners like United or Air Canada. In which case having those elite benefits and accruing status to a program that actually recognizes loyalty is worthwhile. For instance, on United you'd have to shell out a ton of money on flights with them to earn Premier Gold status. Air Canada status has a similar high bar.
All of that being said, I think I'd still focus my flying on Qantas since they are the airline I fly the most in Australia, they have a fairly wide network of international partners meaning if I'm abroad I can fly a JAL or BA and earn status credits and be recognized for my loyalty whilst flying them. In addition, advanced access to QF classic award seats has been particularly helpful over the past few months.
But will need lounge access at both CNS and HND.
I doubt Virgin will have a lounge set up in HND given how infrequently they fly there. Perhaps they will have a contract lounge arrangement set up with a "partner" like ANA. As for the CNS international terminal, do they even have any lounges there?
-RooFlyer88