C'mon guys, give the Rat a chance. Most FFs are free-loaders (the Visa-at-Coles trick or juicy company travel perks) so they don't really deserve them anyway. The program is called a FREQUENT FLYER program, not a "hand out free travel" program.
Oz wanted cheap fares, they got 'em with Virgin and Jetstar, neither of which have loyalty programs; how else is QF to compete if not tightening up on FFs? And let's not forget even QF fares have dropped markedly...far more than a piddly 39,000 points to Sydney. Spend $39,000 on your Visa and get a free trip to Sydney, which would've only cost you $400 return with QF. Big deal.
If you pay when you fly, fair enough. Otherwise, stop whinging.