Half of the posts on this thread assume that QF will cancel Flights and not replace them with new destinations. For this partnership to be beneficial to both parties they will need to operate to mainly different destinations ( expand both networks) . Ie earn points on EK flying through to Paris, and then later on spend those points with QF flying through to Queenstown or Bangkok. If they both operate to the same places then obviously EK will eat QF for breakfast.....but that will have been thought of. As long as QF have more International departures in 2 yrs time than they do now, then it will be a win, people will be burning EK points on the new destinations. I think many people forget that this will allow much better utilization of EK heavies while still providing the same (or better) route structure.
It won't be the end of QF International, it will allow it to expand.
That's my prediction anyway.