The BBC's understanding is QF will pull out from alliances with BA, which will mean loosing One World.
BBC News - Qantas forms Emirates alliance as it seeks turnaround
Now does this mean the LHR base will close? Will QF come off the LHR HKG route? No mention of that anywhere. I guess it means more options for flyers from the regions to choose to fly QF/EK via DXB. Surely this can only be good news for them.