You could convert your Australian L.A.M.E. license to a license, anywhere else in the world where you wanted to go
Not true. The Europeans wouldn't just convert it, to convert it you had to sit their exams and every country had their own rules, FAA made you sit their full exam too. There was never any mutual recognition either way. And A licences have nothing to do with Qantas in particular, they are used all over Europe and now here as well. Not saying they are a good idea. But they are a specific case anyway, B1/B2 is what it's all about. And once the Australian system is recognized by EASA, then and only then you can take your CASA B1 or B2 across to Europe without any further troubles apart from Air legislation. So finally, slowly a common standard where your B1/B2 licence can be used in different parts of the world. It's about time too, took em long enough fing around!
CASA and the Australian Licensing System, was, in the past, the most respected system in the world
I disagree, imho UK CAA was/is the most respected system in the world.