If this "Qantas Asia" or "Qantas Lite" or "Qantas Star" (or wharever they are going to call it) gets off the ground I believe we will see the following....
Singapore or Shanghai (or wherever they eventually decide to set up) being used as the hub for all Aus & NZ to Europe/Mid East flights with the aircraft originating from the Asian hub. On top of that, the new airline will develop an entirely new route structure to service many other Asian and European ports not currently serviced by QF. Australia will be but one thread in the new Qantas Asia spiders web.
The REAL Qantas will be scaled back in it's entirety to conduct some Asia direct services, (Japan, Indo, HKG etc) albiet on a reduced schedule/frequency compared to what they do now. They will also fly trans Pacific services but nothing beyond that. As for domestic.... domestic will fly East Coast and trans continental routes with the odd regional route on which there is no current competition thrown in. Anything else will be the domain of One Star until their aircraft are all painted white with a rat on the tail again.
Would it be unrealistic to ask if some of the the A380's will at some stage be transfered to the new entity rather than having them all based in Aus? There are only so many Dugong loads of passengers you can fly to the USA every day and if they are currently flying through Asia to get to LHR why not base them in Asia where the cost of EVERYTHING is supposedly lower?
Maybe these things won't happen, or if they do, not to the same extent that I have suggested. I don't hold a whole lot of hope though.... Jet Connect effectively has the QF Tasman business to itself at the expense of QF (not forgetting No Star) Seeing as that has worked so well why won't an Asian based carrier?