I guess with the impending tie to oneworld, even if they are orphaned in MH there may opportunities for the 17k miles you will earn then. Also with MH's renewal of Enrich (15% online booking discount, one-way awards at half of return now) their redemption levels are becoming quite attractive (earlier this month I did a one way for 33K pts in J SIN-KUL-MEL), that they may be a better place for credit card points - for oneworld - than QF.
I've yet to investigate what the new burn rates are like. The old ones (back in 2005) as I recall were rather unappealing, though comparable with QFF. But I'm told they have all these redemption specials even in F and J. The new website isn't very helpful for finding this info. I don't mind burning miles on MH themselves as they're a very nice airline, but hopefully their oneworld membership doesn't get delayed beyond the 3 year hard mileage expiry on Enrich.