Romulus,
The majority of what you've outlined is already in place now, without the Emirates deal. What I was trying to allude to in my previous post was that for this deal to be a win for QF, the number of EK FF points redeemed on QF services has to exceed the number of QF FF points redeemed on EK services.
Given the size of the EK network compared to the ever dwindling QF network I can't possibly see how QF management ever thought this might be a possibility.