Watchdog correct. I guess it's here-we-go-again with old money vs lifestyle argument all over again. Surely you can't even begin to compare life in the sandpit to life in OZ if family and friends are any part of the lifestyle wish list to you? Yes Sydney will be the initial base, but hey it's longhaul so a commute from anywhere is a possibility, beach house in Noosa maybe?
My hunch is that if you are a B777 type rated Captain and want to maintain your rank AND return to OZ you would want to be in the initial batch because the opportunity may well not be available again. I suspect VA are hedging their bets this way too?
If the Virgin ranks get split like QF and Jetstar I can assure you the smidgen of virgin flair and loyalty that remains will be washed away in one fowl sweep.