The only question is ... is there still a market for a premium product?
I cant fathom why so many are missing the key issue. YES there is plenty of premium market. But premium pax want
1. High level of service
2. Reliability
2. Fast service to ultimate destination
So I live in SYD and want to travel to Moscow, Athens, Zurich, Rome Madrid, Glascow or anothr 50 airports that QF does not have a direct connection to
Pax are fed up with being herded through LHR and LAX. QF has lost its premium market to other airlines who can offer a one stop connection to many destinations, cheaper and faster, with newer planes and no change in airlines
Random example one way in Aug 2011 SYD-MAN from expedia
AU$1,535.51 inclusive of all taxes and fees
21:10 Depart Sydney (SYD)
Arrive Manchester (MAN) 12:25 +1 day
Duration: 24hr 15mn Emirates 413 / 17
AU$1,775.27 inclusive of all taxes and fees
15:15 Depart Sydney (SYD)
Arrive Manchester (MAN) 07:30 +1 day Thu 18-Aug
Duration: 25hr 15mn Etihad Airways 6451 / 15
Connect in Abu Dhabi
AU$1,985.87 inclusive of all taxes and fees
16:55 Depart Sydney (SYD)
Arrive Manchester (MAN) 11:25 +1 day
Duration: 27hr 30mn Qantas Airways 1 British Airways 2906
Connect in London 2 stops
AND I ad the above are premium airlines, not low cost carriers.