I think you are missing the point a little Pete.............
I agree with sleuth, there is usually no winners with these sorts of fares and if you look overseas it is usually the BIG GORILLA's that end up falling. Usually cause they have to support a lot higher cost base during these madness periods.
Jetstar are matching it and who do you think may end up losing the most......May just be Q. When you look at a broader picture, all the bad publicity Q is getting (i.e the 7000 jobs thing), Jetstar (fully Q owned) matching these fares and at the same time underming Q's own market, I think the gorilla may hurt first down the line if its a long drawn out battle. Qantas are making big profits but remember there cost base relative to it's profit is also one of the largest of any airline in the world.
Add to that the imminent start of Virgin Pacific on Q's most profitable route SY-LA, (and we all must surely admit that will hurt their bottom line on this route), I think it may be a rocky road ahead. As Sleuth says there are usually no real winners here.
I also wish sanity would prevail and balanced fares returned for all our job security.