The value that I and I suspect many others ascribed to Qantas was that it represented safety, security and familiarity. you were in safe Australian hands until you arrived in big scary London, and the sense of relief when you boarded at Heathrow for your return - and heard those confident Australian voices has to be felt to be believed. That feeling existed because we believed that Australian engineers and pilots were the best in the world and the cabin crew set out to prove on every flight that they were the same.
I remember those days well and you are so right. While the absolutely first class cabin service that came, for example, with Singapore Airlines or Thai International and their lovely delicate Asian air hostesses, I always worried a bit about the cultural mores of the national pilots up front.
But never did I worry about the QANTAS/ Cathay/ Air New Zealand pilots - probably because I knew some of them from my old Air Force days when we flew together. I could settle back in my cattle class seat - uncomfortable and cramped but I felt safe all the way. And I still feel the same way in choosing which airline I feel safe with.