All my sources confirm that jakethemuss, funbags and keg are correct in that the LCC will have QF Techcrew so those that wish to fly with this airline send in your CV's to QF. The rates of pay will be low so expect a very quick transition from S/O to the front seat in the new airline. You would have good career progression prospects as your seniority improves and thus would not languish on the same aircraft type flying the same routes for the rest of your career.
The Airline model that they are looking at is the "Impulse" model (which doesn't mean the AirConnex pilots will be flying the aircraft).
My interpretation of GD's intentions is that he has tried for a few years to negotiate with unions about removing restrictive work practices without success so he is now prepared to sacrifice some of the domestic operation to the proposed "low cost/no frills carrier". He particularly is targeting Short Haul Flight Attendants and Ramp staff to have them multi skilled (on lower wages) as at Virgin Blue. There will be a "Transmission of Buisness" from domestic mainline to the new airline and it will be interesting to see how the concerned unions and QF management battle this out in the Industrial Relations Court. In the long term I could see QF mainline becoming a purely international airline again with the new LCC taking over the entire domestic arena.
A lot of pain for a large number of people, but with market forces as they currently are, I don't see any way of preventing these major changes.
GB