On 2 Dec I observed one of the Ozjet 737-200s departing on runway 07 at YSSY. It was quieter than I expected - I assume the JT-8Ds had to be huskitted to meet noise requirements for the AOC anyway. They were a little bit smokey, although not as bad as some 727s and Diesel 9s I recall seeing truckin' on out of Honolulu airport a few years ago.
Nice paint job, too. Since the owner is in the spare parts business then perhaps the maintenance issues won't be such a concern, although I understand spares for JT-8Ds are very pricey, but all the same it appears odd to me that these old -200s are being pitted against the 737-NGs, albeit targetting a very restricted class of pax and only at certain times of the day.
As for the airframes, again if the maintenance is kept up and the cost of parts doesn't escalate too much then they may prove to be money-earners.
I honestly don't know how they will go. But, if I were an aviation enthusiast, I'd get some good photographs of the aircraft while you can - just to be sure.
You can't take any new pictures of Compass 1 or Compass 2 or Ansett livery any more.