VA plat for going on 4 years now and I'd have to say, I still really like them. What I do feel has happened is that they've had a bit of an identity crisis. I think JB has ambitions of it becoming a big international airlines but lacks the resources and performance to do so.
I reckon VA could just focus on being a really really good domestic and regional airline, and leave the long haul stuff to the big boys. Why wouldn't you just work hard on being the BEST domestic carrier, serve a few token regional international destinations (NZ, Bali, Fiji etc - ditch LAX and AUH) and join a major alliance and leave it to them to do the long haul? *A would be my choice as SQ/Thai would give you the Asia and Europe network and UA/AC/NZ could handle America. Sky team also works with Delta, Korean etc, but probably not as exciting.
Plenty of examples of this model working overseas, and would allow VA to focus on doing one thing really well.
Just my two cents...