I don't want to see the QSA applied to Virgin. I think QF should be cut loose from the QSA altogether to fight its own battles without the meddling of government.
As for comparing QF's lack of debt at the time of the QSA with Virgin's debt: Virgin was a start up airline in 2000 which Branson decided to buy into, so he (and any other investor since, like SQ, EH and Air NZ) freely took on that debt. Qantas was a government-backed and run airline when it was privatised, so it would have been grossly unfair to expect a newly privatised company to pay off the debts it had inherited in its government run years. The company would never have survived.