IMHO
Qantas will corral ANZ the same way it has corraled Air Pacific (of which it owns in excess of 22 1/2%). It will allow the local carrier to do what it does best whilst it uses itself as the major feed source.
What does this mean for pilots?
Expect QF pilots to see the international - long haul benefits of the deal.
Expect ANZ pilots to see the domestic / Pacific island nation (read 737) benefits of the deal.
NZALPA have no claim whatsoever to the benefits of this arrangement and therefore should pull their heads in before they are collectively shot off. They should remain grateful for theirs and their members continued survival and forever regret their previously greedy claims to unnaturally covet what did not belong to them.