We operate on QFE on main alts, with standby set to QNH, below transition. We also have the advantage that our Pro-line 21 displays metres alongside feet when selected.
As an aside, the AIP for Russia requires you to operate QFE below transition, within I think about 25 miles of the field. Our company policy is to comply with this, the only exception being in the event of very low QFE.
Our EGPWS does not have any problems with this. Daylight, VMC, absolutely sure that there is no hazard, we may continue with a "terrain" call - a "whoop, whoop, pull up" is mandatory response for us.
Enjoy
